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Summary
- BP forecasts global oil demand to peak next year, but still remain high enough to drive average global warming above 2°C.
- Financial performance of energy efficiency and management sector has been second only to high tech industry over the last decade.
- Despite plans to reduce oil and gas production, BP still expects oil consumption to persist, slowing down the global shift towards clean power.
One of the world’s biggest oil and gas producers is forecasting that global oil demand will peak next year, but still remain high enough for long enough to drive average global warming above 2°C.
UK-based BP released its analysis just a day after the London Stock Exchange identified the industries behind the green economy, particularly energy efficiency and management, as the sector with the second-best financial performance over the last decade, second only to the high tech industry.
The BP assessment “suggests higher-than-expected oil consumption in the 2030s compared with BP’s previous forecasts, which would pose a serious threat to the world’s climate targets,” the Guardian reports. It shows global oil demand rising to about 102 million barrels per day in 2025 before falling to between 80.2 and 97.8 million barrels by 2035. Those projections are 10% and 5% higher, respectively, than the company’s net-zero and business as usual scenarios last year.
Read the full post at The Energy Mix.
