TotalEnergies predicts that global oil demand will peak by 2030

Global oil demand is expected to peak by 2030, earlier than previously expected, Total (TotalEnergies) predicted on Monday.

The French oil giant, which had predicted that oil demand would peak around 2030, said its current business assumption was that global consumption would start to decline by the end of the decade.

Oil demand will fall to 4000-64 million b / d by 2050, depending on changes in policies and habits, TotalEnergies said in its annual energy outlook report.

According to the (IEA) of the International Energy Agency, global oil consumption was 99.7 million barrels per day in 2019, and then the pandemic hit the economy.

However, TotalEnergies said natural gas would continue to play a role as a transitional fuel, especially when complemented by carbon capture and CH emission control technologies.

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

Global oil demand is expected to return to pre-epidemic levels early next year as the economy recovers, but spare refining capacity could dampen the outlook, producers and traders said at an industry conference on Monday.