Global oil demand is expected to remain steady until at least 2040, according to a forecast by energy and commodities trader Vitol, the Financial Times reported on Sunday.
Vitol expects global demand to peak at almost 110 million barrels per day at the end of this decade, and then retreat to current levels of about 105 million bpd in 2040, the report added, citing the company’s long-term demand outlook seen by the paper.
Vitol did not immediately respond to a Reuters request for comment.
The company said that growing populations, economic growth and urbanisation would support oil demand despite efforts to cut carbon emissions by transitioning to cleaner fuels, the report added.
Vitol, the world’s largest independent oil trader, sees global petroleum demand dropping by 4.5 million bpd by 2040 while oil demand from the petrochemicals industry was likely to rise by 6 million bpd, the report said.
In November last year, Vitol CEO Russell Hardy said he expected global oil prices to stay in the range of $70 to $80 per barrel in 2025, similar to 2024, while geopolitical risks create uncertainty around supply.
(Reporting by Surbhi Misra in Bengaluru; Editing by Elaine Hardcastleand David Holmes)