Digest opened free editor
Rola Khaleda, FT editor, chooses her favorite stories in this weekly newsletter.
Global demand for oil will not decrease until 2040, according to new expectations by the world's largest energy trader, in the last indication that economies will fight to break their dependence on oil.
Vitol, which is trading about 7 percent of the world's oil supplies every day, expects that global demand will reach its climax at about 110 million barrels per day at the end of this contract, then decline to the current levels of about 105 million b/d in 2040 .
“The request is expected to be equally in 2040,” she said in the long -term demand expectations. This is the first time that the trading company has published its internal accounts on energy demand.
Fiol expectations are distinguished from the International Energy Agency, which expects the demand for oil to reach 105.6 million barrels in 2029. The prediction is also different from the one made by BP.
Reading the British pioneer widely Energy look In July, the oil request on the plateau said at the end of this contract and then decreased to about 91.4 million B/D in 2040. Even this was 6 percent higher than his last expectations, indicating that BP also expects to move. The slower energy than previously thought.
The proliferation between the various predictions reflects the challenges of predicting long -term oil demand, especially while the pace of adopting new technologies such as electric cars and sustainable airline fuel is still unconfirmed.
A few weeks after the election of Donald Trump, the bullish expectations of the US President's adherence to increased fossil fuel production. The company said that the increased growth, economic growth and urbanization will support the demand for oil despite the efforts to reduce carbon emissions by moving to cleaner fuel.
Fuul said it is expected that the consumption of some oil products, such as gasoline. The global gasoline demand is expected to decrease by 4.5 million barrels/D by 2040, as consumption is already in China due to the spread of the mass of electric cars.
However, these declines will be compensated by increasing the demand for plastic materials made of petrochemical and LNG (LPG) as fuel for heating and cooking in developing economies, according to Vitol analysis.
She said that the demand for oil from the petrochemical industry was likely to rise by 6 ml B/D by 2040 to represent five consumer oil. Meanwhile, LNG consumption is expected to increase by 1.7 million barrels/D during the period when more people in developing economies turn from the most dangerous solid fuel, such as coal, to bottled gas.
Among the merchants of commodity, Vitol was one of the most powerful power of the long -term force to demand oil, with the largest individual refinery in the Mediterranean last year.
This strategy has succeeded so far and made Vitol one of the most profitable companies in the world on the basis of every employee. Make clear profits $ 15 billion in 2022 and 13 billion dollars in 2023 The geopolitical turmoil is also oil markets.
Vitol ownership dates back to about 450 large partners and employs about 1,700 people, mainly spread through trade centers in London, Geneva, Singapore and Houston.
