London (CNN Business) Demand for oil may have peaked last year, according to BP, which says the global market for crude might never recover from the coronavirus pandemic. BP BP In a new report published on Monday, the company lays out three scenarios for energy demand, all of which forecast a decline in demand for oil over the next 30 years. The scale and pace of the decline will be driven by the increasing efficiency and electrification of road transportation,said. That would mean that oil demand peaked in 2019. The new report is a major change from last year, when BP expected growth in oil demand to continue into the 2030s.

Source: CNN September 14, 2020 13:52 UTC