This week, BP projected that global demand for oil may have peaked in 2019 and that we shouldn’t ever expect demand to recover to pre-COVID-19 levels. On the face of it, BP’s analysis is stark, with global demand for oil reducing in all three of its scenarios over the next thirty years.
BP Plc said the relentless growth of oil demand is over, becoming the first supermajor to call the end of an era many thought would last another decade or more.
BP’s new chief executive Bernard Looney revealed he has considered the possibility that peak oil demand could be one of the legacies of the Covid-19 outbreak.
A surge in oil demand in India could lead to long-term trade with Europe, according to analysts WoodMackenzie.
Further production cuts by the Organization of Petroleum Exporting Countries (OPEC) and other major suppliers in the coming year could push the oil price as high as $70 a barrel, Cantor Fitzgerald Europe’s Sam Wahab has said.
Peak demand for oil is the big new thing. True, the International Energy Agency, in the annual World Energy Outlook it released earlier this month, didn't envision a peak coming before 2040 barring a big acceleration in anti-climate-change efforts. But at least it's talking about the possibility, and forecasting a slowdown in demand growth in the meantime.
Peak Oil & Gas has strengthened its team with the appointment of a new non-executive director. The company said Peter Armitage, an experience public company director, will join the board.
A group of business leaders will warn the UK Government today that more urgent action is needed from it to address energy issues following the Gulf of Mexico oil spill.