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Total Sees Oil Demand Peaking Before 2030 in Power Switch

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French energy giant TotalEnergies SE expects global oil demand to peak before the end of this decade, as more nations crack down on fossil fuels and promote cleaner power in transport and industry to mitigate global warming.

Total’s 2021 Energy Outlook, which takes into account new net-zero pledges made by countries including the U.S. and China, assumes crude demand will plateau before 2030 and then decline, the company said Monday in a statement.