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The long term oil demand outlook report includes Vitol’s views on and forecasts of both historical levels and projections of future energy demand, supply, and trends based upon internal data and analyses as well as publicly available information from a variety of external sources. The report contains forward looking statements, including projections, targets, expectations, estimates and assumptions of future behaviours. Actual future conditions and results (including energy demand, energy supply, the growth of energy demand and supply, the impact of new technologies, the relative mix of energy across sources, economic sectors and geographic regions, imports and exports of energy, and emissions and plans to reduce emissions) could differ materially due to changes in economic conditions, the ability to scale new technologies on a cost-effective basis, unexpected technological developments, the development of new supply sources, changes in law or government policy, political events, demographic changes, trade patterns, the development and enforcement of global, regional or national mandates, changes in consumer preferences, and various other factors. The report was published in February 2026. Vitol assumes no duty to update these statements or materials as of any future date, and neither future distribution of this material nor the continued availability of this material in archive form on our website should be deemed to constitute an update or re-affirmation of this material as of any future date. This material is not to be used or reproduced without the permission of Vitol. All rights reserved.