Vitol reported higher traded volumes last year on March 19, cementing its position as the world's largest oil trader, and said it expected oil demand growth to peak by around 2034.

The estimate for demand growth to begin falling is later than before, despite global efforts to reduce carbon emissions from using oil. Vitol's chairman Ian Taylor said in late 2017 he saw oil demand growth peaking by 2028-2030.

"We anticipate that oil demand will continue to grow for the next 15 years, even with a marked increase in the sales of electric vehicles, but that demand growth will begin to be impacted thereafter," Vitol said in a statement, adding that it has been investing in greener, renewable energies.

Vitol, which is run out of London, also said its traded crude and products volumes rose to 7.4 million barrels per day (MMbbl/d) last year, up from 7.2 MMbbl/d  in 2017.

Total oil volume was 357 million tonnes (mt), up slightly from 349 mt the previous year, it said in a statement.

Crude continued to represent the bulk of those volumes, rising to 3.8 MMbbl/d  from 3.6 MMbbl/d in 2017. On the products side, gasoline volume rebounded by 30% to 44 mt while fuel oil and naphtha declined.

Its traded liquefied natural gas volume rose to 7.8 mt in 2018, up from 7.4 mt.

Turnover increased on the back of rising oil prices to $231 billion last year, up from $181 billion in 2017. Vitol did not disclose its net profit.

The Financial Times said on March 18 the firm's net income was $1.7 billion, excluding a $200 million hit for currency and depreciation, compared with $1.5 billion in 2017.

The year was also marked by raising cash from major assets, namely Vitol's downstream businesses Viva Energy Australia and Vivo Energy that were both listed.

The firm also completed the acquisition of Noble Group's oil business, increased its stake in storage firm VTTI to 50% and bought 50% of Brazilian retail network Rodoil.

Vitol expects a major upstream investment in Nigeria to close later this year. The firm is part of a consortium that agreed to buy Petrobras' interests in two major blocks that produce around 370,000 bbl/d for $1.41 billion.

Oil and gas production in its Ghana interest was ramping up to 85,000 bbl/d, Vitol said. 

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