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

BP


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.