Has global oil demand hit peak? BP says it’s possible

Global oil demand might have already peaked and will likely not stop falling for the next 30 years, hit by virus fallout and moves towards greener energy, Britain’s BP predicted Monday.

At the same time, the oil cartel OPEC has revised its forecast for global demand lower this year and next for essentially the same reasons.

London-listed oil giant BP, which is seeking to achieve net zero carbon emissions by 2050, has issued three new forecast scenarios — under which the industry would embrace green energy to varying degrees — in its Energy Outlook 2020 report.

Under BP’s two most optimistic scenarios, oil demand has already passed its peak and may never recover from the long-lasting coronavirus-induced collapse.