Sectors such as plastics and aviation expected to bolster oil demand
Oil demand may not peak until 2040s – Vitol
Near-term demand expected to reach pre-pandemic levels by summer 2022 as air travel rebounds
Oil demand could peak in the road transport sector as early as 2026 but may not top out in other sectors—including plastics and aviation—until the 2030s and 2040s, says leading oil trader Vitol. Growing uptake of electric vehicles could see gasoline and diesel demand peak in 2026, 2027 or 2028, Vitol CEO Russell Hardy told the Energy Intelligence Forum 2021. But demand for jet fuel in the aviation sector may not peak until the 2040s, he added. “Jet fuel has a kind of substitute in sustainable aviation fuel. But clearly, there is a lot of investment needed to create production capacity for that fuel to even start to dent jet fuel demand,” Hardy says. Demand for oil from the plastics sector ma
Also in this section
13 June 2025
US policies may have lasting effects in sectors such as energy, that rely on predictable rules and long-term planning
13 June 2025
The two oil heavyweights’ diverging fiscal considerations are straining unity within the group
13 June 2025
CEO argues the upstream potential remains huge as analysts question future oil production for Canadian province’s offshore industry
13 June 2025
The country is facing energy shortfalls this summer amid reduced Iranian gas imports and difficulties leasing an FSRU
