BP Cuts Long-Term Oil and Gas Demand Outlook. It’s Good News for Renewables.


lowered its long-term oil and gas demand outlook as it said Russia’s war in Ukraine will accelerate the global shift toward renewable energy in a report Monday.

In its 2023 energy outlook, the British oil giant cut its oil demand forecast in 2035 by 5%, compared with last year’s report, while it sees natural gas demand 6% weaker. BP raised its 2035 demand outlook for renewables 5%, and nuclear by 2%, in its central scenario based on government decarbonization targets.

Source: https://www.barrons.com/articles/bp-shell-oil-gas-demand-renewables-russia-energy-51675074243?siteid=yhoof2&yptr=yahoo