BP predicts oil demand may never recover from the coronavirus-induced collapse. Meanwhile, OPEC says demand in the Philippines and several other Asian countries is 'far poorer than initially expected.'
Global oil demand might have already peaked and will likely not stop falling for the next 30 years, hit by virus fallout and moves towards greener energy, Britain'sOrganization of the Petroleum Exporting Countries
Under BP's two most optimistic scenarios, oil demand has already passed its peak and may never recover from the long-lasting coronavirus-induced collapse. Yet gas is set to remain in demand, particularly as developing nations seek to switch away from high-polluting coal."Three features are common across those scenarios and they form a set of core beliefs as to how energy demand is likely to change over the next 3 decades," BP chief executive Bernard Looney said in the outlook document.
"Oil and gas – while remaining needed for decades – will be increasingly challenged as society shifts away from its reliance on fossil fuels."
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