London

LAST month's decision of the Organization of the Petroleum Exporting Countries (Opec) to reverse its policy of unfettered production and cut oil output to boost prices may be at odds with the industry's most important long-term trend: Demand for what they produce could start falling within 15 years.

If rapid improvements continue in renewable energy, electric vehicles (EVs) and other disruptive technologies, petroleum consumption will peak in 2030 and decline thereafter, according to a report from the The World Energy Council (WEC). As the globe's largest producers gather in London this week for the Oil and Money conference, they might want to check their assumption that the market will grow for decades to come.