Global demand for oil will not fall until at least 2040, according to a new forecast by the world’s largest independent energy trader, in the latest signal that economies will struggle to break their dependence on petroleum.
Vitol, which trades about 7 per cent of the world’s oil supply every day, expects global demand to peak at almost 110 million barrels per day at the end of this decade, and then retreat to current levels of about 105 million barrels per day in 2040.
