• 3 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 7 minutes Saudi and UAE pressure to get US support for Oil quotas is reportedly on..
  • 11 minutes China devalues currency to lower prices to address new tariffs. But doesn't help. Here is why. . . .
  • 15 minutes What is your current outlook as a day trader for WTI
  • 2 hours Maybe 8 to 10 "good" years left in oil industry * UAE model for Economic Deversification * Others spent oil billions on funding terrorism, wars, suppressing dissidents * Too late now
  • 19 hours Long Range Attack On Saudi Oil Field Ends War On Yemen
  • 6 hours In The Bright Of New Administration Rules: Immigrants as Economic Contributors
  • 2 hours Will Uncle Sam Step Up and Cut Production
  • 5 hours 'No - Deal Brexit' vs 'Operation Fear' Globalist Pushback ... Impact to World Economies and Oil
  • 7 hours CLIMATE PANIC! ELEVENTY!!! "250,000 people die a year due to the climate crisis"
  • 7 mins With Global Warming Greenland is Prime Real Estate
  • 5 mins Sad . . . Only thing that moves oil price up is an attack on Tankers or Oil Facilities (Staged or real?)
  • 1 day Gretta Thunbergs zero carbon voyage carbon foot print of carbon fibre manufacture
  • 8 hours Domino Effect: Rashida Tlaib Rejects Israel's Offer For 'Humanitarian' Visit To West Bank
  • 11 hours Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
  • 1 day Continental Resource's Hamm wants shale to cut production. . . He can't compete with peers.
  • 2 days NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
  • 1 day US Petroleum Demand Strongest Since 2007
Alt Text

A Limited Risk Play In A Shaken Market

Recession fears tanked stock markets…

Alt Text

Shale Bankruptcies Are On The Rise

The number of shale bankruptcies…

Alt Text

The U.S. Plans To Send Nuclear Reactors To Space

Despite the nuclear industry stumbling…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

World’s Top Commodity Trader Sees Peak Oil Demand Looming

The world’s largest independent commodity trader, Vitol, expects global oil demand to peak after 15 years, essentially putting the ‘peak oil demand’ date somewhere in the mid-2030s like other key players in the oil industry.

“We anticipate that oil demand will continue to grow for the next 15 years, even with a marked increase in the sales of electric vehicles, but that demand growth will begin to be impacted thereafter,” Vitol said in the outlook included in its 2018 trading volumes report.

Last month, BP said in its annual BP Energy Outlook that oil demand would rise during the first half of the outlook to 2040, but at a much slower pace than in the past, “before plateauing in the 2030s.”

Vitol admitted there has been a growing focus on the long-term outlook for oil demand within and outside the oil industry. The top independent trader also said it was “supportive of the need to move to more renewable sources of energy” and outlined recent investments in low-carbon joint ventures, including in the UK’s largest battery park portfolio. Vitol also plans to invest in renewable energy assets across Europe, with a focus on large-scale wind generation.

Despite recognizing the need of more green energy around the world, Vitol noted that “However, at present, we do not see how this can be achieved across all sectors in the near to mid-term, without halting economic development in large parts of the world.” Related: Trade Tensions Are Keeping A Lid On Oil Prices

While the ‘peak oil demand’ narrative has intensified over the past years, Vitol’s oil trading business generated a turnover of US$231 billion last year, thanks to higher volumes of traded crude oil and products—7.4 million barrels per day—and higher oil prices, the 2018 review showed.

To compare, in 2017, Vitol’s turnover was US$181 billion from the trading of 7 million bpd. Crude oil volumes, which continue to represent the largest part of Vitol’s business, rose to 3.8 million bpd in 2018 from 3.6 million bpd in 2017.

The privately held trader, which doesn’t disclose full results, was one of the bigger winners in the oil price volatility in the second half last year, tripling its second-half underlying profit compared to the first half, the Financial Times reported, citing people who have seen Vitol’s full 2018 earnings.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play