This is a statement of the energy research and consulting company Wood Mackenzie in a recently released report.

According to the report, if world leaders act decisively to limit global warming to 2 degrees Celsius by 2050 as targeted by the Paris Agreement, oil demand will drop "significantly".

Wood Mackenzie said that, under the energy transition scenario, the global energy market will be increasingly electrified by 2050, eliminating most of the polluting carbon gases such as oil.

Under this scenario, the report says, oil demand could decline by about 70 percent by 2050 from current levels.

Wood Mackenzie also said that oil demand will begin to decline from 2023 under this scenario and rapidly decline with an annual decrease of about 2 million barrels / day.

The report also stated that Brent oil price could be reduced from 37 to 42 USD / barrel by 2030. Currently, Brent oil price for delivery is at 66.29 USD / barrel.

According to Wood Mackenzie, oil prices could drop from 28-32 USD / barrel by 2040, before 10-18 USD / barrel in 2050.

Ann-Louise Hittle - Vice President of Oil Division at Wood Mackenzie - stressed that the report only gives a scenario, not a "valid forecast".

"Even so, the oil and gas industry cannot be complacent. The risks as‌sociated with climate change policy are very strong, while technology changes very quickly," she said.