Global oil demand could peak next year as wind and solar power become more dominant worldwide, according to BP PLC’s annual energy outlook.
The report emphasizes that oil will still “play a significant role” in the world’s global energy mix for the next 10 to 15 years. It also says that continued investment in oil and natural gas is necessary to meet future energy demand.
But by 2050, the report predicts, oil demand could plummet, depending on the speed of the energy transition.
In a “net zero” scenario, demand for the fossil fuel would be down about 70 percent from current levels by 2050, according to the report. That assumes the world cuts emissions in line with the Paris climate agreement and the recommendations of the Intergovernmental Panel on Climate Change.
