Oil demand will increase up to 2040

In the annual report, the British company BP disclosed that global demand for oil should continue to grow by 2040, the finding is due to increased consumption of plastics in the world. The good news is that the growth will be even with the rapid expansion of the fleet of electric vehicles and new technologies in transportation.

The report also concluded that the current recoverable oil reserves, estimated at 2.6 trillion barrels, will meet more than two times the demand up to 2050. Which would somehow have retained the need announced by the cartel of the Organization of Oil Exporting Countries (OPEC) on the importance of reducing oil production in the world.

In a recent announcement, the Anglo-Dutch oil company Shell, believes that up to 2030, the world has a stable oil demand. The “Tug of war” in production and the market will be with low-cost producers who use their competitive advantage to improve their participation in relation to high-cost producers, as reported Spencer Dale, BP’s chief economist.

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