Oil use will probably peak in emerging markets by early next decade, a senior adviser to Saudi Arabia's oil minister said today.

"I think that peak demand will come before peak of supply," Reuters quoted Ibrahim Al-Muhanna, advisor to Saudi Oil Minister Ali Naimi, saying in answer to questions at a conference in Paris. "The demand in emerging economies will take time to peak but definitely it will peak maybe this decade or early next decade," he continued.

A six-year oil price rally that ended in 2008 had led to increased interest in the theory that world oil supply may be nearing its peak as easily accessible reserves dwindle. The economic slowdown and high oil prices has eroded demand, making peak demand being more heard.

"We're sort of at peak demand right now," retired petroleum geologist Colin Campbell, who has long been associated with the belief the world's oil supplies are dwindling, told Reuters earlier this month.

Read more: Upstream Online [1]