BP Forecasts Elevated Oil, Gas Demand Amid Energy Security Concerns
BP has overhauled its long-term energy outlook, signaling that the world is unlikely to stay on track for 2050 climate commitments as fossil fuel use holds firmer than expected. The company’s latest projections show oil demand reaching roughly 83 million barrels a day by mid-century, up from last year’s estimate of 77 million. Forecasts for natural gas were also revised upward, with annual consumption in 2050 expected to approach 4,800 billion cubic meters. These shifts underline how resilient hydrocarbons remain in the face of clean energy targets. The changes are being driven less by technology than by geopolitics. BP’s chief…
