What Happened The global transition from fossil fuels may be further along than expected. In client reports distributed in May, the energy consultancy Wood Mackenzie asserted that the world will reach peak oil demand in less than 20 years. The forecast emphasizes the role of fuel efficiency in decreasing oil demand growth, taking into account both the increasing adoption of electric vehicles and the use of fully autonomous vehicles, which it anticipates being in wide use by 2035. Why It Matters Recognition is growing, even among major oil companies , that the world is in the midst of an energy transition. Even so, Wood Mackenzie's timeline is more aggressive than many previous projections, highlighting several technologies that are working, perhaps faster than first predicted, to change global oil use.