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Shell sees oil demand peaking by late 2020s as electric car sales grow

The prospect of a decline in oil consumption after more than a century of growth as the world switches to burning cleaner fuels is gathering pace. On Wednesday Britain announced plans to ban diesel and gasoline vehicles by 2040, following a similar move by France. “I think they are very welcome announcements, they are also very needed announcements,” van Beurden told reporters after Europe’s biggest oil company reported a sharp rise in quarterly profits. Under the Anglo-Dutch company’s most aggressive scenario of battery-powered vehicles replacing traditional internal combustion engines, consumption of oil will peak in the early 2030s, he said. FULL ARTICLE and its sister websites, and are all owned by John Donovan

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