From 98 to 108 MMbopd

From 98 to 108 MMbopd

With their most recent Energy Outlook, BP predicts that the world will need more oil in 2040 than in 2019.

According to the 2019 BP Energy Outlook, the Evolving Transition’ (ET) scenario, oil consumption will grow from 98 to 108 MMbopd from now and up to 2040.

India (4.8MMbopd), China (2.7) and the rest of Asia (3.6) will be responsible for most of the increase in oil consumption.

In the same 20 year period, OECD will experience a decline in consumption of 9.1MMbopd.

USA, Brazil and Russia will be supplying this extra oil. The USA alone will, adding some 5MMbopd to the world market in the next 20 years, account for half of this increase in supply, according to the 2019 BP Energy Outlook.

See also “Oil still important in 2040“.