Global oil demand may have peaked as pandemic fallout hits fossil fuels: BP

S&P Global Platts | Sep 14, 2020 at 6:00 AM
  • Global oil demand may have already peaked, according to BP’s latest long-term energy outlook, as the COVID-19 pandemic kicks the world economy onto a weaker growth trajectory and accelerates the shift to cleaner fuels.
  • Even under a more conservative “Business as Usual” scenario, BP now sees global oil demand peaking within a few years at just over the 100 million b/d level seen in 2019.
  • Under its central scenario, BP sees oil demand around 3 million b/d lower in 2025 and 2 million b/d lower in 2050 as a result of the pandemic.