The oil company BP assumes that the demand for petroleum products will decrease noticeably in the next few years. It is even assumed that the high level of 2019 will never be reached again. The background is not only the Corona crisis, but also the fact that fuel efficiency is increasing and investments are being made in renewable energies.

Pte reports that three different scenarios for the global development of oil demand have been developed at BP. Two of these simulation games reached their zenith in 2019. The third scenario envisages that demand will remain constant for the next 15 years and then drop drastically from 2035 onwards. “In all three scenarios, the share of renewable energy is growing faster than any other fuel in history,” BP chief economist Spencer Dale told Pte.

The oil company wants to reduce the production of fossil fuels by 40 percent in the coming years and reposition itself in the direction of renewable energies. For example, investments are made in wind parks. BP expects that if the global fight against climate change is taken seriously, that by 2050 the demand for petroleum products will fall by 80 percent. At the same time, it is assumed that renewable energies will be 60 percent more in demand.