How is demand for oil changing?
Oil demand may never be the same
BP (NYSE:BP) has become the first oil major to call the end of an era many thought would last another decade or more, saying the relentless growth of oil demand is over in its latest energy outlook. Oil consumption may never return to levels seen before the coronavirus crisis took hold and even the firm's most bullish scenario sees demand no better than "broadly flat" for the next two decades as the world moves away from fossil fuels. The forecast helps explain why BP has recently said it would shrink oil and gas output by 40% over the next decade and spend as much as $5B a year building one of the world's largest renewable-power businesses.