{ "path": "/en/global/corporate/energy-economics/statistical-review-of-world-energy/using-the-review.html", "showIcon": false }, "showIcon": false "showIcon": false "class": "nr-navigation__link ", "showIcon": false { "index": "2", { "dataType": "link", "dataType": "link", { } "showIcon": false "class": "nr-navigation__link ", ] "children": [ "index": "1", "showIcon": false "class": "nr-navigation__link ", "class": "nr-navigation__link ", }, } { "showIcon": true, { Credit: Image Source / Alamy Stock Photo. { "title": "Clair Ridge, North Sea", "class": "nr-navigation__link ", The shift to a more competitive market environment won’t just happen on its own accord, it requires a critical mass of low-cost producers to both recognise the need to adopt a more competitive strategy and, more importantly, to have reformed their economies sufficiently for them to be able to adopt such a strategy sustainably. "showIcon": false "index": "24", "index": "3", { In that piece, the pair argued that the focus on peak oil “seems misplaced”. "path": "/en/global/corporate/investors/information-for-shareholders/share-listing-information.html", }, "title": "AGM poll results", Analysis: Which countries met the UN’s 2020 deadline to raise ‘climate ambition’? "children": [ }, "showIcon": false "dataType": "link", { "path": "/en/global/corporate/energy-economics/energy-outlook/demand-by-fuel/coal.html", Under BP’s business-as-usual scenario, peak demand doesn’t mean … "path": "/en/global/corporate/energy-economics/energy-outlook/introduction.html", "showIcon": true, "dataType": "section", "dataType": "link", "path": "/en/global/corporate/investors/results-and-reporting/financial-disclosure-framework.html", { "dataType": "link", "index": "0", This change in paradigm is also likely to pose material challenges for oil producing economies as they try both to ensure that their oil is produced and consumed, and at the same time diversify their economies fit for a world in which they can no longer rely on oil revenues to provide their main source of revenue for the indefinite future. "index": "1", "class": "nr-navigation__link ", But even if this case, global oil demand is projected to be above 80 Mb/d in 2040, compared with 95 Mb/d today. "children": [ "path": "/en/global/corporate/careers/students-and-graduates/locations/mozambique.html", "class": "nr-navigation__link nr-navigation__link--section ", Energy Giant Shell Says Oil Demand Could Peak in Just Five Years, Big energy fears peak oil demand is looming, Global 4.5% Oil Production Decline Rate Means No Near-Term Peak, WoodMac forecasts stable non-OPEC decline rates through 2020, Using external breakeven prices to track vulnerabilities in oil exporting countries. "dataType": "link", },{ "path": "/en/global/corporate/careers/students-and-graduates/locations/canada/early-engagement-programs.html", "index": "14", "dataType": "section", In earlier editions of the BP outlook, global oil demand was expected to continue rising steadily. "path": "/en/global/corporate/careers/professionals/career-areas/communications-and-external-affairs.html", { "showIcon": false "showIcon": false "index": "1", "index": "9", "class": "nr-navigation__link ", { "title": "Investor presentations", { OPEC cuts oil demand forecasts, BP sees ‘peak oil’ in 2020s September 14, 2020. },{ }, },{ "title": "United Kingdom", "index": "6", "path": "/en/global/corporate/energy-economics/statistical-review-of-world-energy/primary-energy.html", The weaker prospects for global energy demand and slower growth for oil are a continuation of the trend in each successive edition of BP’s outlook over the past decade. "dataType": "link", }, "showIcon": true, Only a few months later, as the coronavirus pandemic hit in early 2020, this demand collapsed to such an extent that the value of the price of oil dropped to a negative dollar value per barrel. "title": "Russia", }, ] }, { "dataType": "section", }, "dataType": "link", "showIcon": false "title": "Career areas for graduates", }, "title": "Careers", "children": [ "path": "/en/global/corporate/sustainability/getting-to-net-zero/carbon-pricing-principles.html", "path": "/en/global/corporate/energy-economics/statistical-review-of-world-energy/using-the-review/links-to-the-contributors.html", { "class": "nr-navigation__link ", "index": "0", "dataType": "link", "title": "Australia", { The next section considers the outlook for oil demand and notes that under many alternative scenarios the world is likely to need significant amounts of oil for the foreseeable future. "showIcon": false "dataType": "link", "index": "4", { "path": "/en/global/corporate/careers/professionals/career-areas/finance.html", },{ "type": "section", "showIcon": false }, "path": "/en/global/corporate/energy-economics/statistical-review-of-world-energy/renewable-energy.html", "class": "nr-navigation__link ", { "index": "2", "path": "/en/global/corporate/investors/upstream-major-projects/major-projects-2018/thunder-horse-northwest-expansion.html", }, "path": "/en/global/corporate/careers/students-and-graduates/locations/australia-and-new-zealand.html", { "class": "nr-navigation__link ", "title": "Insight programmes", "showIcon": false "children": [ }, The timing of peak oil demand, and the slope of its decline, will affect carbon emissions, corporate strategies and the finances of oil-producing nations. "class": "nr-navigation__link ", "dataType": "link", ] } "class": "nr-navigation__link ", Peak oil has probably moved out hundreds of years. { "showIcon": false "title": "Spain", "class": "nr-navigation__link ", BP's Forecasts Peak Oil Demand The oil giant's latest energy outlook predicts an end to rising oil consumption. "index": "1", "path": "/en/global/corporate/investors/results-and-reporting/financial-disclosure-framework/customers-and-products-financial-disclosures.html", The extent and pace of this diversification is likely to have an important bearing on oil prices over the next 20 or 30 years. "title": "Early history", "path": "/en/global/corporate/careers/life-at-bp/rewards-and-benefits.html", "class": "nr-navigation__link nr-navigation__link--section ", "dataType": "link", "path": "/en/global/corporate/who-we-are/board-and-executive-management/the-board.html", Just locate more of the commodities that everyone needed, extract and process them … "path": "/en/global/corporate/energy-economics/spencer-dale-group-chief-economist/energy-illustrated.html", "dataType": "link", }, "path": "/en/global/corporate/investors/information-for-shareholders/financial-calendar.html", "path": "/en/global/corporate/investors/investor-tools/share-price.html", "index": "3", "title": "Cyber security and bp suppliers", "showIcon": false "index": "4", "path": "/en/global/corporate/news-and-insights/speeches.html", But in an age of abundance, in which the world is likely to never run out of oil, the key assumptions underpinning this pricing approach no longer hold. "index": "0", "title": "Upstream major projects", { "showIcon": false "title": "Presentation archive", "showIcon": false "path": "/en/global/corporate/energy-economics/statistical-review-of-world-energy/oil.html", { "class": "nr-navigation__link ", } "path": "/en/global/corporate/investors/results-and-reporting/quarterly-results-and-webcast.html", }, "showIcon": false { "class": "nr-navigation__link ", "class": "nr-navigation__link ", "index": "0", } "class": "nr-navigation__link ", { "path": "/en/global/corporate/who-we-are/our-brands/amoco.html", "dataType": "link", "index": "2", "index": "1", } "dataType": "link", "type": "section", "class": "nr-navigation__link ", "title": "Singapore", The report outlines three different scenarios, which forecast energy demand through 2050: Rapid, net-zero, and business-as-usual. "title": "Brazil", Delivered by Investis. Most fundamentally, it is likely to cause global oil markets to become increasingly competitive. } "dataType": "link", }, BP’s Energy Outlook also highlights how relatively small differences in assumptions about GDP growth or improvements in vehicle efficiency can radically shift the likely timing of the peak in demand. "path": "/en/global/corporate/sustainability/our-approach-to-sustainability/our-people.html", { "dataType": "link", { { "dataType": "link", "index": "1", }, Cookies also allow us and our partners to show you relevant ads when you visit our site and other 3rd party websites, including social networks.You can choose to allow all cookies by clicking ‘Allow all’or manage them individually by clicking ‘Manage cookie preferences,’ where you will also find more information. Join Our Community. "dataType": "section", { ] "index": "0", "dataType": "link", "index": "0", "title": "Statistical Review of World Energy", "index": "0", { { { "title": "Nominee and beneficial holdings", "showIcon": false "showIcon": true, In August, we set out a new strategy in support of this purpose and ambition. }, } "path": "/en/global/corporate/products-and-services.html", Indeed, different projections from the same organisation can point to quite different estimates depending on the assumptions used. "title": "Engineering", "path": "/en/global/corporate/investors/upstream-major-projects/major-projects-2017/quad-204-north-sea.html", "dataType": "link", "showIcon": false "path": "/en/global/corporate/news-and-insights/covid-19-bp-response/inthistogether-our-response-to-covid-19/supporting-our-communities.html", "dataType": "section", "class": "nr-navigation__link ", "index": "1", A corollary of this increasing competitiveness is that the distribution of economic rents within global oil markets is likely to shift. ] The 2020 edition of the annual outlook reveals – albeit indirectly – that global oil demand will not regain the levels seen last year. "index": "0", "title": "Information for shareholders", "showIcon": true, "title": "Introduction from the chief executive ", "path": "/en/global/corporate/who-we-are/board-and-executive-management/leadership-team/kerry-dryburgh.html", "dataType": "link", "showIcon": true, "showIcon": false "path": "/en/global/corporate/energy-economics/statistical-review-of-world-energy.html", "index": "0", "title": "Angelin, Trinidad", "path": "/en/global/corporate/careers/professionals/locations/oman/contact-us-oman.html", }, "index": "6", "dataType": "link", "dataType": "link", "dataType": "link", "title": "Finance", "index": "17", "showIcon": false { "children": [ "path": "/en/global/corporate/careers/professionals/locations/hungary/imagine-inspiring-an-entire-workforce-to-become-fully-agile.html", "dataType": "link", "showIcon": false "class": "nr-navigation__link ", { "level": "1", "showIcon": true, "title": "Coal", ] Jet stream: Is climate change causing more ‘blocking’ weather events? { "dataType": "section", "dataType": "section", "dataType": "link", "path": "/en/global/corporate/careers/professionals/locations/trinidad-and-tobago.html", "showIcon": false BP projected Monday that global oil demand may have already peaked, marking the latest development in the supermajor’s strategy to transition away from fossil fuels to renewable energy. "index": "0", "path": "/en/global/corporate/careers/professionals/career-areas/project-management.html", "title": "Scrip dividend programme and FAQs", But many of these cuts may not be sustainable in the longer-run, which is what matters when considering the determination of oil prices in the medium term. "index": "1", "index": "0", "showIcon": false "class": "nr-navigation__link nr-navigation__link--section ", }, "index": "5", "class": "nr-navigation__link ", Man könnte über die Naivität von Wachstumstheoretikern wie Christof Rühl lachen, wenn jene naiven Vorstellungen der Welt nicht weit verbreitet in Management-Kreisen wären und teils immer noch an Universitäten gelehrt werden. "class": "nr-navigation__link ", "title": "Financial disclosure framework", "path": "/en/global/corporate/careers/professionals/locations/algeria.html", "class": "nr-navigation__link ", { "showIcon": true, "dataType": "link", },{ "path": "/en/global/corporate/who-we-are/board-and-executive-management/leadership-team/geoff-morrell.html", "path": "/en/global/corporate/news-and-insights.html", "class": "nr-navigation__link ", "path": "/en/global/corporate/sustainability/getting-to-net-zero/low-carbon-investment.html", "dataType": "link", ] Although the net-zero focus is new, Carbon Brief analysis shows the outlook continues the trend of previous editions, by cutting the prospects for fossil fuels while raising the bar for renewables. { "class": "nr-navigation__link ", "dataType": "link", "title": "Oil production & operations financial disclosure", "title": "Thailand", "title": "bp week 2020", "path": "/en/global/corporate/careers/students-and-graduates/career-areas-for-graduates/trading-and-shipping.html", "showIcon": false } "class": "nr-navigation__link ", "path": "/en/global/corporate/energy-economics/energy-outlook/introduction/executive-summary.html", "title": "Intern programmes", "dataType": "section", "dataType": "section", BP's CEO warned that we may have seen 'peak oil' and said demand may never fully recover from its coronavirus crash: 'I would not write that off' Shalini Nagarajan May. }, "dataType": "link", }, "index": "6", { "showIcon": false "path": "/en/global/corporate/careers/professionals/career-areas/strategic-planning-and-business-development.html", "title": "Melody Meyer", Only a few months later, as the coronavirus pandemic hit in early 2020, this demand collapsed to such an extent that the value of the price of oil dropped to a negative dollar value per barrel. "dataType": "section", But simply that these social costs will have an important bearing on where oil prices stabilise in the long run and so need to be considered as well as the physical costs of production. "dataType": "link", "title": "Health, Safety, Security and Environment (HSSE)", "showIcon": false "index": "0", BP's latest Energy Outlook sees peak oil on the horizon for the first time -- driven by the rise of shared and autonomous electric vehicles.. "path": "/en/global/corporate/investors/investor-tools/share-price-history.html", "showIcon": false { The current structure of these economies would be unsustainable if oil prices were set close to the cost of extraction. "showIcon": true, "showIcon": true, "index": "2", ] { "dataType": "link", }, "title": "CO₂ emissions", In its latest “energy outlook” report, the UK oil major said that in a net-zero scenario global oil demand could fall by as much as 80% by 2050. "dataType": "link", "dataType": "link", "title": "Thailand", "index": "1", "class": "nr-navigation__link nr-navigation__link--section ", "index": "2", { "dataType": "link", "title": "Energy Outlook", "index": "1", }, "title": "Germany", { "class": "nr-navigation__link ", "path": "/en/global/corporate/what-we-do/customers-and-products/lubricants-procurement.html", Many oil producers would be forced to run large and persistent fiscal deficits or to cut back sharply on social provisions, which, in turn, would likely have knock on implications for global oil production and prices. "dataType": "section", "showIcon": false }, "index": "1", "title": "Frequently asked questions", "index": "2", "index": "2", "index": "14", "children": [ "class": "nr-navigation__link nr-navigation__link--section ", "path": "/en/global/corporate/careers/students-and-graduates/locations/south-africa.html", { "path": "/en/global/corporate/energy-economics/statistical-review-of-world-energy/key-minerals.html", "class": "nr-navigation__link nr-navigation__link--section ", "index": "1", "class": "nr-navigation__link ", }, "dataType": "link", "level": "1", If technologies and pollution rules improve, the dropoff in demand would be even more swift. { "title": "Year in review", "dataType": "link", "showIcon": true, } "dataType": "link", "showIcon": false "dataType": "link", { "title": "People and planet", The world has already passed “peak oil” demand, according to Carbon Brief analysis of the latest energy outlook from oil major BP. "title": "Shah Deniz Stage 2, Azerbaijan", "path": "/en/global/corporate/news-and-insights/press-contacts.html", "path": "/en/global/corporate/who-we-are/our-history/post-war.html", "dataType": "section", "class": "nr-navigation__link ", "dataType": "section", "showIcon": false "dataType": "link", "showIcon": false
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