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FT reports that Vitol expects the oil demand to remain at its current level until at least 2040.

FT reports that Vitol expects the oil demand to remain at its current level until at least 2040.

The Financial Times reported that the global oil demand will remain stable until at least 2040.

The report cited the long-term outlook of the company, which was seen by the newspaper.

Vitol didn't immediately respond to an inquiry for comment.

In the report, the company stated that despite efforts made to reduce carbon emissions through the transition to cleaner fuels by switching to cleaner fuels and growing populations, oil demand would continue to grow.

The report stated that Vitol, which is the largest independent oil trader in the world, expects the global oil demand to drop by 4.5 millions bpd between 2040 and 2050, while the demand for oil from the petrochemicals sector will likely increase by 6 million.

Vitol's CEO Russell Hardy stated in November of last year that he expects global oil prices to remain in the same range as 2024 ($70-$80 per barrel), while geopolitical risk creates uncertainty about supply. (Reporting and editing by Elaine Hardcastleand David Holmes; Surbhi Misra, Bengaluru)

(source: Reuters)