BP does not expect oil demand to grow

The world is behind the era of growing demand for crude oil, BP said in its annual energy outlook report released today. According to media reports, the message of the outlook is that oil consumption may never reach pre-pandemic levels, not just because of the pandemic itself, but because of factors that long before the coronavirus jumped from bats to humans Game were. "Demand for oil will decline over the next 30 years," the company said in the report. "The magnitude and pace of this decline will be driven by the increasing efficiency and electrification of road transport." In the report, BP looks at three scenarios for the future of oil demand: business-as-usual, fast and net zero. Neither of these scenarios envisages long-term growth in oil demand. The most optimistic scenario from the perspective of the oil industry is the business-as-usual scenario, in which demand recovers from the effects of the pandemic but sees the plateaus before a decline begins in the next few years. But this scenario, which envisages government policies at the rate at which they have been adopted in the recent past, may not be the most likely. Many governments have committed to increasingly aggressive environmental agendas that will result in much faster policy implementation. If these scenarios prove true, oil demand will never return to pre-pandemic levels, according to BP. That means that demand will peak in 2019 at around 100 million barrels a day. According to BP's rapid scenario, liquid fuel demand will drop to 55 million bpd by 2050, with the scenario also including a 70 percent reduction in emissions from energy use by this year. Under the net-zero scenario, emissions will be reduced by 95 percent by 2050, which would lead to a decrease in the demand for liquid fuels to 30 million bpd.