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BP Says Oil Demand Is Back Above 100 Million Barrels a Day

  • World is returning to fossil fuels despite climate concerns
  • Oil consumption set for record high next year, says Goldman
An oil flare burns at the BP Plc Whiting Refinery in Whiting, Indiana, U.S.

An oil flare burns at the BP Plc Whiting Refinery in Whiting, Indiana, U.S.

Photographer: Luke Sharrett/Bloomberg
Updated on

As world leaders discuss the fight against climate change, global oil demand has bounced back above the key level of 100 million barrels a day last seen before the Covid-19 pandemic, according to BP Plc.

Fossil fuel consumption is recovering despite growing urgency in the effort to curb emissions of greenhouse gases. The resurgence is pushing prices to multiyear highs and threatening the world’s economic recovery due to significant constraints in energy supplies.