TotalEnergies now expects oil demand to peak between 2035 and 2040

What changed

A year ago, the company forecast demand rising until 2040. It now sees demand plateauing through the 2030s before a slow decline.

The company says the US-Israeli war with Iran could act as an accelerator of the energy transition, with a sharp rise in electric vehicle sales in Asia, Latin America and Europe.

Gasoline-only share of new cars

49 %

Gasoline-only cars were 49 per cent of new car sales worldwide in the first half of the year, below half for the first time.