TotalEnergies forecasts rising oil demand until 2040 despite energy transition slowdown

TotalEnergies has raised its global oil demand forecasts in its annual energy outlook report, expecting continued growth until 2040 before a gradual decline. This revision is driven by multiple factors, including the impact of international public policies and energy security concerns. Notably, developments such as the partial rollback of green subsidies in the United States and the revival of liquefied natural gas (LNG) project licences have altered consumption trends.