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TotalEnergies sees worldwide oil demand peaking after 2030

French oil major TotalEnergies forecasts international oil need will peak after 2030 in its 2 the majority of likely energy shift scenarios, neither of which will limit worldwide warming to 2 degrees Celsius in line with the Paris Climate arrangement, it said in its annual energy outlook report on Monday.

That's mostly due to a growing population, slow power grid investments and slower-than-expected sales of electrical vehicles worldwide, according to Sustainability and Technique Director Aurelien Hamelle.

There are around 4.5 billion people today with insufficient access to energy in the so-called 'worldwide south' ... If you include to that the expected development in population to 2050 you would require to increase existing energy production by four to pull them out of energy hardship, Hamelle informed reporters at a press conference.

The annual report presented three circumstances: current patterns, a reasonably ambitious momentum scenario, and a rupture. situation lined up to the Paris Agreement.

Overall said the world was presently on track to take in 90. million barrels of oil each day in 2050, with need peaking. after 2035.

Under the momentum scenario, oil demand would peak just. after 2030 and be up to 70 million barrels daily in 2050.

The Paris-aligned situation would require oil demand to peak. before 2030, with usage being up to 44 million barrels per. day in 2050.

What we see plainly is that the United States will lead the. pace of the international energy shift, but China plays an. accelerating aspect, Hamelle said.

(source: Reuters)