Vitol CEO sees global oil demand peaking in 10 years

Global oil demand could peak already 10 years from now, projects Ian Taylor, CEO of the world's biggest oil product trading house, Vitol.

The global demand for oil could peak already 10 years from now, or in the period 2028-2030, due to the growing pace of the transition toward, among others, electric cars and away from fossil fuels, said Ian Taylor, CEO of the world's biggest oil trading house, Vitol, in a speech in London, reports Reuters.

The question of when oil consumption will peak has divided the sector and analysts, but all parties agree that the transition away from oil toward sustainable energy sources could have a dramatic impact on several industries, not least the shipping sector.

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