BP Says World's Oil Consumption Will Peak in Late 2030s

BP has forecasted global oil consumption to rise by 10 percent, reaching its peak in the late 2030’s.

It is expected renewable energy will begin to prosper following this peak, with production increasing 5-fold by 2040, as oil demand begins to curb.

The increase in renewable energy will satisfy the Paris Agreement on climate change, with oil demand decreasing from 100 million barrels a day to 85 million barrels globally.