Oil demand continues to grow up to 2040

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

The report further concluded that the current recoverable reserves of oil, estimated at 2.6 trillion barrels, will meet more than twice the demand until 2050. What, somehow, would restate the need announced by cartel the Organization of petroleum 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 until 2030, the world has a stable demand of oil. The "tug of war" in the production and in the market will be with the low-cost producers that use of its competitive advantage to improve their participation in relation to high-cost producers, as reported Spencer Dale, Chief Economist at BP.