The world will reach peak oil demand before 2030 – TotalEnergies

The logo of French oil and gas company TotalEnergies can be seen at a gas station in Ressons, France on August 6, 2021. REUTERS / Pascal Rossignol / File Photo

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PARIS, Sep 27 (Reuters) – Global oil demand is expected to peak before 2030, earlier than expected, according to Monday’s forecast from TotalEnergies (TTEF.PA).

The French oil major – who previously predicted the peak would occur around 2030, rather than before – said her business was now operating on the assumption that global consumption would start to decline before the end of the decade.

Demand for oil would drop to 40 or 64 million barrels per day by 2050, depending on changing policies and habits, TotalEnergies said in its annual energy outlook.

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The world consumed 99.7 million barrels of oil per day in 2019, according to the International Energy Agency, before the COVID-19 pandemic hit economic activities. Read more

TotalEnergies said, however, that natural gas would continue to play a role as a transitional fuel, especially when accompanied by techniques to capture carbon and control methane emissions, he said.

The Paris-based group also said it expected electricity production to double by 2050, with wind and solar power accounting for more than 85% of the increase.

Producers and traders told an industry conference on Monday that global demand for oil is expected to reach pre-pandemic levels early next year as the economy recovers, although spare refining capacity could weigh on the outlook. Read more

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Reporting by Benjamin Mallet and Sudip Kar-Gupta Writing by Ingrid Melander Editing by Sarah White and Pravin Char

Our standards: Thomson Reuters Trust Principles.


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Felix J. Dixon