Vitol Bullish on Long-Term Oil Demand

February 4, 2025--Written by Daniel Graeber for Industrial Info Resources (Sugar Land, Texas)--Though decarbonization trends will continue, the global demand for oil isn't expected to decline until at least 2040, commodity trader Vitol (Geneva, Switzerland) said. "Ambition globally to limit climate change is driving efforts to reduce oil consumption and lower CO2 emissions," Vitol said in a demand outlook to 2040. "However, population expansion, economic growth and urbanization continues to increase demand for transport, plastics, chemicals and energy, and hence oil." Other companies featured: BP plc (NYSE:BP), Ford Motor Company (NYSE:F) and Toyota Motor Corporation (NYSE:TM)