Another big tanker sees peak oil demand on the horizon

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French energy giant Total SE (formerly Total SA) has now spread even more woe and gloom on the oil markets, heralding the ultimate horror of the oil industry: peak oil demand.

In its Energy Outlook report released on Tuesday, according to Bloomberg, Total SE sees the global total energy demand increases in every scenario, but according to Total this will not help the oil industry. Instead, Total attributes most of this increase in energy demand to low-carbon energy.

Thus, the growth in oil demand, according to Total SE, will end in a decade, in 2030.

Total’s analysis is more moderate than that of BP, which estimates that growth in oil demand has already peaked. Still, the forecast is worrisome for the oil industry and adds to other grim forecasts, including those from the IEA and OPEC.

Total’s outlook for natural gas was not so bleak, with the low-carbon product responding to calls for a greener future.

Oil prices deteriorated by nearly 4% on Tuesday afternoon in part due to an increase in the number of new coronavirus cases reported globally, and in part due to growing fears that growth in demand oil will never recover, even after Covid 19. It does. this constant fear of growing demand that continues to put pressure on prices and has kept them in the range for months. The final pressure on prices comes from Libya, which is stepping up production after long port blockades. Related: Oil And Natural Gas Prices Slip As Traders Get Cautious

As of 3:00 p.m. WTI was trading at $ 39.12, once again below $ 40 a barrel.

In addition, Total also announced this week its commitment to biodiversity, agreeing, among other things, not to carry out oil and gas exploration or extraction operations in the world’s natural heritage sites. UNESCO.

Total SE’s (NYSE: TOT) share price fell $ 0.31 on Tuesday by 0.92%.

By Julianne Geiger for OilUSD

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