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BP Says the Era of Oil-Demand Growth Is Over

  • U.K. major’s energy outlook explores scenarios out to 2050
  • Virus, government policy and societal changes impacting demand
BP Plc to Cut 10,000 Jobs as Virus Accelerates Reorganization
Photographer: Jason Alden/Bloomberg
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BP Plc said the relentless growth of oil demand is over, becoming the first supermajor to call the end of an era many thought would last another decade or more.

Oil consumption may never return to levels seen before the coronavirus crisis took hold, BP said in a report on Monday. Even its most bullish scenario sees demand no better than “broadly flat” for the next two decades as the energy transition shifts the world away from fossil fuels.