By Giulia Petroni

 

TotalEnergies SE said Monday that it expects global oil demand to peak before 2030, earlier than previously expected, as more economies make commitments to transition away from fossil fuels.

The French oil-and-gas major said at its investor day that according to its forecasts, "oil demand plateaus before 2030, with a strong decline thereafter."

The company said demand could fall to 40 million barrels a day or 64 mb/d in 2050 depending on the energy scenario. It had previously forecast oil demand plateauing around 2030.

Natural gas is expected to continue playing a role in the energy transition to ensure firm power, along with nuclear and hydro due to the intermittent nature of renewables, and will be accompanied by carbon capture and storage technology.

TotalEnergies said it expects renewable energy to constitute a significantly greater share of the world-wide energy mix, with power generation more than doubling by 2050, driven by wind and solar.

 

Write to Giulia Petroni at giulia.petroni@wsj.com

 

(END) Dow Jones Newswires

September 27, 2021 11:58 ET (15:58 GMT)

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