governments are looking to bolster energy security with higher shares of renewables in the energy mix, oil major, BP, projected on Monday.
In one of the most closely-watched industry reports, the BP Energy Outlook 2023 with projections through 2050, said, oil demand falls over the outlook in all three scenarios as use in road transportation declines. “Global oil demand plateaus over the next 10 years or so before declining over the rest of the outlook, driven in part by the falling use of oil in road transport as vehicles become more efficient and are increasingly fuelled by alternative energy sources,” BP said.
In the ‘New Momentum’ scenario, BP’s one of three scenarios in the outlook reflecting ‘the current broad trajectory’ of energy systems, global oil demand remains close to the current 100 million bpd by the end of this decade and drops to around 93 million bpd in 2035.The ‘Accelerated’ scenario projects oil demand at 91 million bpd in 2030 and 80 million bpd in 2035, while the ‘Net Zero’ scenario sees demand dropping to 85 million bpd in 2030, and further down to 70 million bpd by 2035.