Global oil demand will only decline, BP says

Global oil demand will only decline, BP says

Motorists all over the planet are far from done burning oil, but according to giant BP (formerly British Petroleum), global demand has already peaked and will only decline from now on.

This is one of the main conclusions of his report entitled ” 2020 Energy Outlook “.

The numerous lockdowns last spring that brought the price of a barrel of oil down to an all-time low – even in the negative at some point – precipitated things, but there are also other factors like the growing popularity of energies. alternatives (including electric vehicles), the abandonment of single-use plastics and the marked increase in teleworking in the years to come.

Yesterday, the Organization of the Petroleum Exporting Countries (OPEC) cut its forecast for global oil demand in 2020 by 400,000 barrels per day. Today, the International Energy Agency did the same in a proportion of 200,000 barrels.

BP sees three possible scenarios by 2050, either taking into account a slow, moderate or rapid transition to renewable energies. Even in the first scenario, where the fight against pollution and climate change would not accelerate, global oil consumption will peak at the 2019 level before falling from 2035.

Yet, as recently as last year, BP estimated that demand would continue to grow beyond the 2030 horizon. The COVID-19 pandemic has radically changed the game and the world will not be the same. . Moreover, more and more oil companies are choosing to invest in spheres other than that of fossil fuels – not so much for ecological reasons, unfortunately, but rather to continue to make money and ensure the sustainability of their business. business.

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