BP revises upwards its oil demand forecast

In its latest Energy Outlook, BP has revised its oil demand forecast upwards, anticipating a drop in investment in renewable energies in the coming years. BP estimates that oil demand in 2035 will reach 97.8 million barrels per day, 5% more than BP forecast last year, compared with 100 million barrels today. By 2050, oil demand will reach 76.8 billion barrels per day. While demand for oil for road transport (cars and trucks) is falling, demand for oil in the petrochemical industry is rising.