TotalEnergies Now Sees Oil Demand Peaking Between 2035 and 2040
A year after forecasting that oil demand would keep rising until 2040, TotalEnergies has moved its peak forward to between 2035 and 2040, and says the Iran war could accelerate the energy transition. The company’s annual energy outlook, released on Monday, projects demand for petroleum products plateauing through the 2030s before a slow decline. Chief sustainability officer Aurélien Hamelle told…
TotalEnergies has revised its outlook, now predicting that oil demand will peak between 2035 and 2040, down from its previous projection of 2040. The company attributes this change to the ongoing Iran war, which has accelerated the energy transition and led to a surge in EV sales in Asia, Latin America, and Europe. The International Energy Agency projects about 23 million EV sales in 2026, accounting for nearly 30% of new cars worldwide.
TotalEnergies' adjusted net income more than doubled to $9.1 billion in the third quarter, driven by record $4.1 billion from its downstream division and historic high refining margins.
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