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TotalEnergies says global oil consumption will plateau before 2030

The French supermajor reports that oil consumption is facing a major decline, with natural gas demand set to surge approaching 2050.

Photo: PR / Total Energies og GHG Sat

Oil is still a vital necessity in many industries, which haven't yet got a real, perfect green replacement for the fossil fuel in hand. However, climate targets and quotas are increasingly forcing manufacturers and countries to transition various sectors – with some being easier than others.

Going forward, though, there will still be a need for oil in both transport and industry for some years yet, according to an analysis by TotalEnergies, though the company does see consumption starting to taper off in roughly a decade.

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