- Global demand for crude oil could peak by 2040 as the use of self-driving cars and renewables such as solar power increases, BP (LON:BP) (BP +0.6%) says in its Annual Energy Outlook.
- BP believes the world’s appetite for oil and other liquid fuels could continue to grow until around 2035, hitting 110.3M bbl/day vs. 95M bbl/day in 2015 before plateauing and falling off moving to 2040.
- BP foresees a 100-fold growth in electric vehicles by 2040, as chief economist Spencer Dale envisions much more travel but sharing trips in autonomous vehicles rather than using private cars.
- The company’s new outlook shows peak oil demand coming more quickly than earlier forecasts for crude demand to continue rising until the 2040s; nevertheless, it still expects personal vehicles and industrial trucks to be dominated by oil, with demand comprising ~85% of total transport fuel in 2040 vs. 94% today.
- Now read: BP: Firing On All Cylinders After Q4 Results
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