TotalEnergies: Global Oil Demand to Peak Post-2030, Diverging from BP’s Forecast

The global demand for oil is at the center of divergent forecasts from major energy companies, particularly TotalEnergies and BP, two key players in the sector. In its latest annual report published on November 4, 2024, TotalEnergies predicts an oil demand peak after 2030, attributing this later timeline to factors such as population growth, delayed investments in electric infrastructure, and a slower-than-expected adoption of electric vehicles. These elements stand in contrast to BP’s forecast, which anticipates a peak as early as 2025.