The world’s largest independent commodity trader, Vitol, expects global oil demand to peak after 15 years, essentially putting the ‘peak oil demand’ date somewhere in the mid-2030s like other key players in the oil industry. “We anticipate that oil demand will continue to grow for the next 15 years, even with a marked increase in the sales of electric vehicles, but that demand growth will begin to be impacted thereafter,” Vitol said in the outlook included in its 2018 trading volumes report. Last month, BP said in its annual BP Energy Outlook that oil demand would rise during the first half of the outlook to 2040, but at a much slower pace than in the past, “before plateauing in the 2030s.” Vitol admitted there has been a growing focus on the long-term outlook for oil demand within and outside the oil industry. The top independent trader also said it […]