The company’s updated outlook puts peak global demand at around 112 million barrels per day.
Vitol has moved its forecast for peak oil demand to the mid-2030s. The company says global demand could reach around 112 million barrels per day at its height.
Author: Робот Source: Vitol
Vitol, a physical energy trader, has long monitored and forecast demand for crude oil and products.
In the 12 months since it first published its long-term outlook, policy and some economic fundamentals have shifted significantly. The company has now published an updated forecast.
Vitol says global oil demand could reach around 112 million barrels per day at its peak.
The company has also revised its assumptions on electric vehicle adoption. Slower near-term uptake of passenger-car EVs in the United States and some Asian countries has led Vitol to broadly align its base case with last year’s low-EV-adoption scenario.
The forecast peak has been pushed back to the mid-2030s, mostly because of demand from road transport. Expectations for other sectors remain broadly unchanged.
This differs from Vitol’s February 2025 outlook, which projected that demand would keep rising into the early 2030s before declining, with demand in 2040 roughly matching 2024 levels. The full outlook is available to read and download at vitoloutlook.com.
Source: Vitol
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