By Giulia Petroni

Energy trader Vitol pushed back its forecast for peak global oil demand, pointing to a slower adoption of electric vehicles in the U.S. and certain parts of Asia.

In a report Monday, the company said demand is now expected to peak at around 112 million barrels a day in the mid-2030s, later than its previous projection of the early 2030s. By 2040, global oil consumption is expected to be roughly 5 million barrels a day higher than today.

"Demand is now expected to be higher than previously anticipated by the end of 2040," Vitol said. However, "the profile of the barrel is expected to change," with demand growth driven by petroleum products used in the production of plastics and aviation.

Vitol, which handles roughly 7% of the world's oil supply every day, said slower EV adoption in key markets underpins the revised outlook. The firm also noted that EVs, primarily passenger cars, remain the main decarbonization tool to moderate oil demand.

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

(END) Dow Jones Newswires

February 09, 2026 07:25 ET (12:25 GMT)

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