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Vitol Projects Peak Oil Demand at 110 Million Barrels by 2030

2/3/2025

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Summary

Story summary

Vitol predicts global oil demand will peak at nearly 110 million barrels per day by 2030, declining to 105 million by 2040.
This contrasts with the International Energy Agency's estimate of 105.6 million b/d in 2029 and BP's forecast of 91.4 million b/d by 2040.
Gasoline demand may decrease by 4.5 million b/d, while petrochemical demand is projected to rise by 6 million b/d.
Vitol's positive outlook stems from strategic investments, resulting in net profits of $15 billion in 2022 and $13 billion in 2023.

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Story summary

Vitol predicts global oil demand will peak at nearly 110 million barrels per day by 2030, declining to 105 million by 2040.
This contrasts with the International Energy Agency's estimate of 105.6 million b/d in 2029 and BP's forecast of 91.4 million b/d by 2040.
Gasoline demand may decrease by 4.5 million b/d, while petrochemical demand is projected to rise by 6 million b/d.
Vitol's positive outlook stems from strategic investments, resulting in net profits of $15 billion in 2022 and $13 billion in 2023.