BP: Slowing Demand for Oil in Transport Sector Will Push Oil into a Long, Slow Decline

SUGAR LAND, TEXAS--February 20, 2019--Written by John Egan for Industrial Info Resources (Sugar Land, Texas)--Global demand for liquid fuels will rise about 10% over the next two decades -- to about 108 million barrels per day (BBL/d) from 98 million BBL/d in 2017 -- but most of that growth will take place in the next decade, according to the recently released 2019 Energy Outlook from BP Plc (NYSE:BP) (London, England). By 2030 or so, BP said, global demand for liquid fuels from the transport sector will plateau, a result of higher mileage efficiency standards and greater use of alternate fuels for cars and trucks. However, growing use of oil in petrochemical manufacturing will offset the slowing of demand growth in transport, adding millions of barrels per day of new demand.

Within this article: Oil market forecast in BP's 2019 Energy Outlook.