Vitol Pushes Back Peak Oil Demand to Mid-2030s

Vitol expects global oil demand to peak around the middle of the 2030s, due to forecasts of slower uptake of electric vehicles, the world’s biggest independent oil trader said in an updated oil outlook on Monday. Peak oil demand is pushed back to the mid-2030s, mostly due to demand from the road transport sector, other sectors remain broadly unchanged, Vitol said, noting a marked contrast with its report from a year ago, in which the trading giant had expected demand to peak in the early 2030s and then decline. Significant…