Feb 21, 2018
BP says world's oil consumption will peak in late 2030s
Global oil consumption is likely to peak in the late 2030s according to a forecast published by BP. The world currently consumes around 100 million barrels per day and BP estimates that number will go up by another 10% before levelling off. It expects renewable energy to be the fastest growing fuel source, increasing five-fold by 2040. BP forecasts that more than 40% of the overall increase in energy demand will be met by renewable forms of power. The oil company also said that greater efficiency in transportation would curb oil demand. BP also estimated that oil output of 85 million barrels per day would satisfy the Paris Agreement on climate change.
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