Trafgura plans for oil plateau and transition

摘要

Have we seen peak oil demand? If not, when do you expect it to happen? I do not think we are at peak oil demand yet. And I do not think there will be a peak per se, but instead we will get to a plateau, before we start to come of. We have had a very large hit to demand compared with 2019. But a lot of the growth in oil demand is yet to come from places that are still seeing some big structural trends — China, India, southeast Asia, the Middle East, Brazil, Latin America, Africa. Incomes are rising there, the population is growing, etc.