ABU DHABI, November 5. /TASS/. Global oil consumption will hardly reach its peak during the next decade, Gunvor CEO Torbjorn Tornqvist said.

"I think it's going to be very hard to see any reduction in oil consumption for the next decade. Meaningful. I can't sit and say percent up, percent down. We're going to need oil," he said.

"Oil is going to increase. Unfortunately, coal will not come down fast enough. Gas will increase. Renewables will increase. We need this and that," the chief executive noted. "So the energy transition is not about changing. I think oil and gas is still going to grow going forward," he added.