Global oil demand may peak within the next 10 years, driven by increased consumption in developing nations offsetting declines in advanced economies, the chief executive of Vitol, the world’s largest energy trader, has said. Speaking during a panel session at the Abu Dhabi International Petroleum Exhibition and Conference (Adipec) on Tuesday, Russell Hardy highlighted the difficulty in accurately predicting peak oil demand, particularly due to uncertainties surrounding consumption growth rates in developing countries.
“What we're saying today is that peak oil demand is about 10 years away. The unfortunate thing is, we said five years ago that peak oil demand is 10 years away,” Mr Hardy said.
The pace of the shift from the combustion engine to other forms of transport in Organisation for Economic Co-operation and Development (OECD) countries will be the “most important driver of all of this”, he said. “We're reasonably confident demand growth in the non-OECD area is going to outstrip the demand shrinkage in the OECD,” Mr Hardy added.
Torbjorn Tornqvist, chief of commodities trading firm Gunvor, said demand for transportation fuels, such as diesel and gasoline, is plateauing in some markets, particularly China. But, it doesn't mean oil demand is changing because we see more demand for chemical feed stocks,” he said during the same panel.
The International Energy Agency has predicted that demand for oil, coal and gas will peak by 2030 amid growing adoption of EVs and renewable energy. The debate surrounding the future of oil demand has heated up in recent years, with Opec, the oil producers’ group, taking an opposing view.
On Monday, Opec's secretary general Haitham Al Ghais said he was confident about crude demand in the long term. "Economic growth [is] doing well despite all the talk about negative economic growth. Yes, there are some challenges, but the picture is not as negative as some make it sound," Mr Al Ghais said. "Peak demand is not going to happen, we're not going to have that because the world keeps growing," he added.
Chinese demand
After importing record amounts of crude in 2023, China’s oil demand has significantly slowed this year amid an economic slowdown and rapid adoption of EVs. The IEA expects global oil demand to expand by roughly 900,000 barrels per day this year and close to one million bpd in 2025, marking a sharp slowdown on the two million bpd growth observed in the post-pandemic period.
China “underpins” the deceleration in growth, representing around 20 per cent of global gains both this year and next year, compared to almost 70 per cent in 2023, the agency said in its monthly oil market report. “The reality is [that] Europe has certainly peaked on oil. The US probably has peaked or is peaking,” said Nick Wayth, chief executive of the Energy Institute, which publishes the Statistical Review of World Energy report every year.
“The one to watch is China. China is right to peak on oil demand this decade, and that becomes a really significant inflection point globally. India will continue to grow,” he told The National on the sidelines of Adipec. “We will reach peak oil, and I think it will be sooner than later.”
RESULT
Arsenal 0 Chelsea 3
Chelsea: Willian (40'), Batshuayi (42', 49')
BACK%20TO%20ALEXANDRIA
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ETamer%20Ruggli%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3ENadine%20Labaki%2C%20Fanny%20Ardant%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3.5%2F5%3C%2Fp%3E%0A
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
EPL's youngest
- Ethan Nwaneri (Arsenal)
15 years, 181 days old
- Max Dowman (Arsenal)
15 years, 235 days old
- Jeremy Monga (Leicester)
15 years, 271 days old
- Harvey Elliott (Fulham)
16 years, 30 days old
- Matthew Briggs (Fulham)
16 years, 68 days old
Killing of Qassem Suleimani
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
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The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
Mohammed bin Zayed Majlis
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Five famous companies founded by teens
There are numerous success stories of teen businesses that were created in college dorm rooms and other modest circumstances. Below are some of the most recognisable names in the industry:
- Facebook: Mark Zuckerberg and his friends started Facebook when he was a 19-year-old Harvard undergraduate.
- Dell: When Michael Dell was an undergraduate student at Texas University in 1984, he started upgrading computers for profit. He starting working full-time on his business when he was 19. Eventually, his company became the Dell Computer Corporation and then Dell Inc.
- Subway: Fred DeLuca opened the first Subway restaurant when he was 17. In 1965, Mr DeLuca needed extra money for college, so he decided to open his own business. Peter Buck, a family friend, lent him $1,000 and together, they opened Pete’s Super Submarines. A few years later, the company was rebranded and called Subway.
- Mashable: In 2005, Pete Cashmore created Mashable in Scotland when he was a teenager. The site was then a technology blog. Over the next few decades, Mr Cashmore has turned Mashable into a global media company.
- Oculus VR: Palmer Luckey founded Oculus VR in June 2012, when he was 19. In August that year, Oculus launched its Kickstarter campaign and raised more than $1 million in three days. Facebook bought Oculus for $2 billion two years later.
Student Of The Year 2
Director: Punit Malhotra
Stars: Tiger Shroff, Tara Sutaria, Ananya Pandey, Aditya Seal
1.5 stars
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
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UAE currency: the story behind the money in your pockets
Specs
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Range: Up to 610km
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AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
Director: Jon Favreau
Starring: Donald Glover, Seth Rogen, John Oliver
Rating: 2 out of 5 stars
