Opportunities for oil and gas despite demand worry

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Istanbul

The oil industry must accept that global demand for crude may fall by 2050 but rich potential remains in hydrocarbons, especially gas, the head of French energy giant Total said Tuesday.
Total CEO Patrick Pouyanne said climate policies and electric cars would affect demand for oil in the next three decades. “It is possible that by 2040-2050 oil demand will not be as high as it is today,” he told the World Petroleum Congress in Istanbul. “It is a scenario that is possible” if the targets of the 2015 Paris climate accord are implemented, he said.—AFP