January 30, 2023 11:19 GMT
Global Oil Demand To Plateau Over The Next 10 Years: BP
Global oil demand is estimated to plateau over the next ten years or so before declining, largely driven by the falling use of oil within road transport according to the BP Energy Outlook.
- Oil continues to play a major role over the next years and consumption is expected at 70-80mbpd in 2035, from when demand is expected to decline to 20-40mbpd in 2050. One other scenario estimates oil demand close to 100mbpd though this decade, before gradually declining to around 75mbpd by 2050.
- The largest factor driving the decline in oil demand is the falling use oil in road transport because of vehicles becoming more efficient and the switch from oil to alternative energy sources.
- Lower demand for oil in road transport accounts for more than half of the reduction in total oil demand.