Global oil consumption is near its peak and is likely to permanently decline, according to The Economist. This contradicts with predictions from the International Energy Agency and the U.S. Energy Information Administration. "In the rich world oil demand has already peaked: it has fallen since 2005," the magazine says. "Even allowing for all those new drivers in Beijing and [Indian region] Delhi, two revolutions in technology will dampen the world's thirst for the black stuff."

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