Short answer
Peak oil demand is the risk that global oil demand growth slows or declines over time. For refinery investors, this can affect margins, utilisation, financing, valuation, and long-term terminal value.
Demand is not the same everywhere
Even if global demand slows, regional demand can differ. Investors still need to examine local fuel demand, export markets, policy, and competition.
Margins matter
Refineries earn through spreads between input costs and refined product prices, so demand shifts, crude supply, maintenance, and regulation can matter as much as headline volume.
Valuation discipline
Long-lived energy assets can be valuable, but investors should avoid assuming permanent growth or guaranteed dividends without audited financials and prospectus detail.