Total Energies announced on Tuesday that it has postponed its peak oil demand forecast by 10 years due to continued increases in global oil consumption and affordability concerns hindering decarbonization plans. The company expects petroleum product demand to increase from 103 million barrels per day (bpd) to 107 million bpd between 2024 and 2030, before rising again to 108 million bpd in 2040, after which it will begin a slow decline.

TotalEnergies' forecast for peak global oil demand is delayed by 10 years, with demand increasing from 103 million bpd to 107 million bpd between 2024 and 2030, rising to 108 million bpd in 2040 before beginning a slow decline. This indicates that continued demand growth in the short to medium term will increase supply pressure in the spot market and push up spot prices.

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