With electric car demand soaring, peak oil may be near – and not a moment too soon for the climate

Oil states and companies such as BP, Shell and ExxonMobil are intent on exploiting new oilfields despite the clear evidence that the world is rapidly cruising through its carbon budget.

However, investors should perhaps note that the International Energy Agency (IEA) is forecasting that peak oil is at hand. In other words, supply will soon outstrip demand, making investment in new oilfields unlikely to be profitable.