Energy trading major Vitol became the latest to point to petrochemicals as the main source of oil demand in its first long-term oil demand outlook. The company’s analysts expect petrochemicals demand to add some 6 million barrels daily by 2040 when it would come to account for 20% of all crude oil consumed globally. Meanwhile, gasoline demand is seen declining by 4.5 million barrels daily over the next 15 years. Liquefied petroleum gas demand was also set for growth over the next decade and a half, Vitol said.
