Vitol Pushes Back Peak Oil Demand Forecast On Slow EV Takeup

The world’s largest independent oil trader Vitol Group said oil demand will take longer to peak than it previously estimated as countries prioritize growth and energy security over efforts to curb consumption.

“Over the past year, decarbonisation policies have become a less decisive driver of efforts to curb oil consumption and reduce carbon dioxide emissions,” it said in a report on Monday. “Policy priorities have increasingly been reframed around economic competitiveness and geopolitical strategy.”