OIL CRAZINESS: Experts Reveal Demand Will Skyrocket Until 2040!
Buckle Up, Folks! Oil Isn’t Going Anywhere!
In a jaw-dropping forecast that’s bound to shake the energy world, Vitol—the titan of oil trading—has declared that global demand for oil won’t just stick around—it’s set to boom for decades to come! Get ready to be blown away: they predict oil consumption will hit a staggering 110 million barrels per day by the end of THIS DECADE! And guess what? It’ll STILL be riding high at about 105 million barrels per day by 2040. That’s right, hold onto your hats because our addiction to oil is far from over!
How Long Can We Keep This Up?
While the International Energy Agency (IEA) thinks we’ll peak at 105.6 million barrels in 2029, and BP offers a slightly more pessimistic view with a dive to 91.4 million barrels by 2040, Vitol is throwing down the gauntlet, claiming that oil demand will remain constant! It’s a bold stance, and one that sets them apart from the rest of the pack.
Why Are We Still Hooked?
Vitol’s crystal ball gaze points to factors like growing populations, economic growth, and a rush to urban lifestyles as major contributors to sustained oil demand, despite the green energy push. So, are we REALLY ready to ditch gas guzzlers and shift to electric cars? Apparently not yet!
The Fuel Fight is ON!
Despite looming declines in certain oil products like petrol—expected to DROP by 4.5 million barrels per day as electric vehicles surge—Vitol insists the losses will be overshadowed by INCREASING demand for plastics and liquefied petroleum gas (LPG) in developing nations. Think of it this way: as we move away from solid fuels like charcoal, people are turning to bottled gas, sending LPG consumption skyrocketing!
Is Vitol Cashing In? You Bet!
With their bullish strategy paying off big-time, Vitol isn’t just riding the waves—they’re making SWELTERING profits! Net gains of $15 billion in 2022 and $13 billion in 2023 have made them one of the world’s leading moneymakers by employee efficiency. Owning the largest single refinery in the Mediterranean last year? Talk about a power move!
The Final Verdict!
As this colossal energy player eyes the future, one thing is crystal clear: the oil landscape is shifting, but that doesn’t mean we’re out of the woods. With businesses banking big on fossil fuels, it seems we’re all still on the crazy train to Oil City, and it’s not stopping anytime soon! Hold tight, because the oil saga continues!
photo credit: www.ft.com
