This is the third report suggesting that peak demand for oil is a long way off. Last year, the CE’s of both Aramco and Chevron predicted peak demand being 20 to 30 years ahead. See:
Now BP have joined the debate suggesting:
‘The mix of fuels is to be the “most diverse” the world has ever seen, as global energy demand is set to increase driven by emerging economies like China and India and use of gasoline and diesel cars. Demand for oil is expected to grow through much of the outlook period, however this is set to plateau at around 110 million barrels of oil per day in the mid-2030s, according to BP’s chief economist Spencer Dale.’
This news further reinforces the view that prices will say high for decades to come resulting in massive flows into to the UK or Scottish treasuries. The choice is ours. See:
Contrary to media doomsayers, it’s now clear that Scotland has the resources to exploit this market, in both the North Sea:
and, even more so, west of Shetland:
8 billion barrels at £65pb or even more later means, not counting the North Sea flows, a total of £520 billion earned by the oil companies. Scope for a lot of tax revenue there I’d say.