Vitol Group forecasts peak oil demand to be pushed back to the mid-2030s, with peak demand reaching around 112mln bpd

Vitol Group forecasts peak oil demand to be pushed back to the mid-2030s, with peak demand reaching around 112mln bpd.

Vitol Group's forecast indicates a significant extension in the timeline for peak oil demand, now projected for the mid-2030s rather than sooner. This shift suggests a potentially more stable demand environment for oil in the near term, which could influence WTI prices as market dynamics adjust. Traders should consider the implications for supply strategies and inventory levels, particularly in light of inflation expectations and the ongoing transition to renewable energy sources.