REM: BP says oil demand and emissions will peak in 2025

Oil super major BP's latest outlook on global energy trends suggests a potential peak in worldwide oil demand as early as next year, a development that could mark a significant turning point in global carbon emissions by the mid-2020s.

This projection is underpinned by an anticipated surge in the adoption of renewable energy sources such as wind and solar power.

According to the latest edition of BP's annual and comprehensive Energy Outlook report, oil consumption is expected to gradually increase, reaching around 102mn barrels per day (bpd) by 2025 across both of its outlined scenarios.

The world is in an “energy addition phase”, said Spencer Dale, BP’s chief economist. Instead, it needs to pivot to a “substitution phase” to avoid the worst effects of climate change, said the report.

“The longer it takes for the world to move to a rapid and sustained energy transition, the greater the risk of a costly and disorderly adjustment,” said Dale.