What BP Got Wrong About Global Oil Demand

Environmentalists around the world are having a field day this week as international media picks up on the oil market forecasts in the recently released BP Energy Outlook 2020. It appears the old theory of Peak Oil is back in the spotlight, with BP indicating that oil demand may never return to 2019 levels. Just as BP’s report was being digested, OPEC released a report cutting its global oil demand forecast by 400,000 bpd for 2020, predicting an average demand drop of 9.5 million bpd compared to its previous estimate of 9.1 million bpd. It…