MOSCOW (Pakistan Point News / Sputnik - 05th June, 2020) Global oil demand is expected to begin declining from 2030 onwards as the world turns to electric cars, the CEO of the French oil and gas giant Total Patrick Pouyanne said Thursday.
"According to our models, global demand [for oil] will reach a plateau in 2030, largely because Europe and China will turn to electric cars," Pouyanne said in an interview with the French newspaper Le Monde.
Pouyanne added that Total had begun to focus its current production in locations that have low costs, adding that oil and gas companies will begin to move into electricity production.
"The question has been raised whether oil companies will last forever. The growing market will not be oil, but electricity, hence our desire to adapt to the market's evolution," the Total CEO said.
Total is one of the largest oil and gas producers in the world, employing roughly 100,000 people in more than 130 countries. The company reported in May that its first-quarter net adjusted profit had fallen year-on-year by 35 percent due to the massive fall in global demand caused by the COVID-19 pandemic.
