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BP releases its annual Energy Outlook

BP recently presented a recap of the big issues that will shape energy supply and demand into 2035… and beyond.
Fossil fuels are expected to remain the dominant form of energy through 2035, accounting for 75% of the world’s total energy supply. Demand for oil is expected to increase by
0.7 % year-over-year representing an astounding additional 15 million more barrels per day.
By 2035, 100 million electric cars are set to be on the road, in stark contrast with the 1 million at present. However, this increase is not expected to affect the demand for oil. Potential change would only come from a shift in human behavior – autonomous cars, car sharing and ridesharing. It would take 400 million electric cars to reduce oil demand by 7 million bpd by 2035.
Overall, and in line with BP’s forecast, the rate of consumption of oil products in North America is expected to be flat (0%) through 2035. The planned increase in production will simply compensate for importations and/or increase exportations.

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