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British Petroleum announced the end of the era of rising oil demand
BP analysts presented three options for the world to move away from non-renewable energy sources. The first scenario assumes that current trends will continue, but with a 10% reduction in oil consumption by 2050. If measures are taken to increase the cost of greenhouse emissions for producers, oil demand will fall by 55% by 2050. The third scenario assumes not only a tightening of environmental policy, but also a change in the consumption structure. In this case, hydrocarbon emissions will fall by 95%, and the level of oil consumption in 30 years will be 20% of today's indicators.
BP expects a recovery in demand to the pre-crisis level only in the first scenario. With the other two, consumption will never return to the level it was before the outbreak of the coronavirus infection (COVID-19) pandemic.
Meanwhile, the world's largest oil traders decided to prepare for an oversupply of crude in storage due to the pandemic and began leasing supertankers to use to store unclaimed barrels of oil when needed.