The recent fall in oil prices due to banking jitters is speculative and oil will hit $140 a barrel by the end of the year, hedge fund manager Pierre Andurand of Andurand Capital said on Tuesday.

Still, electric vehicles will eventually sap gasoline demand and cause oil demand growth to slow in the coming years, Andurand told the FT Commodities Global Summit in Lausanne, Switzerland.

Demand will peak around 2030, he said, adding: “Even when we peak, oil demand won’t fall down so fast. We will reach peak demand towards 110 million barrels per day and then a slow decline from there.”