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French power giant Total SE (formerly Total S. A. ) has sown even more anguish and pessimism in oil markets, foreshadowing the oil industry’s greatest horror: peak oil demand.
In its Energy Outlook report released Tuesday, according to Bloomberg, Total SE believes that global energy requires an increase in all the scenarios it has run, but according to Total, that may not help the oil industry. Instead, Total attributes the maximum of this accumulation of energy to low-carbon energy.
As a result, the call to oil growth, according to Total SE, will end in a decade, by 2030.
Total’s research is more moderate than that of BP, which believes that the call for oil expansion has already peaked; however, forecasts are worrying for the oil industry and add to other bleak ones, which add to those of the EEA and OPEC.
Total’s prospects for herbal fuel are not so bleak, as the low-carbon product responds to requests for a greener future.
Oil costs deteriorated by nearly 4% on Tuesday afternoon, partly due to an increase in the number of new coronavirus cases reported worldwide, and partly due to developing concerns that oil expansion will never come even after Covid 19. In the case, this constant concern of calling for expansion that continues to put pressure on costs and kept them in diversity for months. The final pressure on costs comes from Lithrougha, which is expanding production after long port locks.
Related: Oil and herbal fuel costs fall due to investor caution
At 3:00 p. m. , WTI is trading at $39. 12, again below $40 in line with the barrel.
In other news, Total also announced this week that it is committed to biodiversity, agreeing, inter alia, to carry out oil and fuel exploration or extraction operations at UNESCO World Natural Heritage sites.
The percentage value of Total SE (NYSE: TOT) fell by 0. 92% on Tuesday.
By Julianne Geiger for Oil. eu
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