TotalEnergies predicted on Monday that global Oil Demand Will Peak by 2030, earlier than previously predicted.
The French oil giant had previously predicted that the Oil Demand Will Peak would occur around 2030, not before. The company said that its current assumption of its business is that global consumption will begin to decline before the end of this century.
TotalEnergies said in its Annual Energy Outlook that by 2050, oil demand will drop to 40 million or 64 million barrels per day, depending on the strength of changes in policies and habits.
According to data from the International Energy Agency, the world consumed 99.7 million barrels of oil a day in 2019 before the COVID-19 pandemic hit economic activities hard.
TotalEnergies said that, despite this, natural gas will continue to play a role as a transitional fuel, especially in the context of carbon capture and methane emission control technologies.
The Paris-based group also said that it is expected to more than double power generation by 2050, with wind and solar energy accounting for more than 85% of the growth.
Producers and traders said at an industry meeting on Monday that global oil demand is expected to reach pre-pandemic levels early next year as the economy recovers, although idle refining capacity may affect the outlook, Oil Demand Will Peak?