TotalEnergies expects global oil demand to rise until 2040 before gradually declining, citing energy security concerns and uneven political action on emissions as key factors, according to its annual energy outlook. The French oil major projects consumption will reach 108 million barrels per day by 2040, driven largely by growth in India, before falling to 98 million barrels per day by 2050.
The company pointed to factors such as the partial rollback of U.S. green subsidies, new coal plants in Asia, and slower electric vehicle adoption worldwide as contributing to continued demand. TotalEnergies has opted not to forecast the exact year of peak oil, highlighting internal disagreements and political uncertainties surrounding the timing.