BP: World more likely to switch away from rather than run out of oil
Posted by: in Stocks Money NewsFiled under: Forecasts, BP p.l.c. ADS (BP), Oil
On the heels of Cambridge Energy Research Associates study arguing that new oil finds are replacing declining production at existing oil fields, a BP economist said the world is more likely to switch away from oil as opposed to running out of the commodity in the decades ahead, Reuters reported.
BP plc (ADR) (NYSE: BP) Special Economic Advisor Peter Davies also told ministers from Britain’s Parliament that world oil production is likely to peak — but not due to any “peak oil” scenario involving declining recoverable supplies and/or declining production — but rather due to declining demand, Reuters reported.
“I think we will run out of demand before we run out of supply,” Davies said, Reuters reported. “There’s a distinct possibility that global oil consumption could peak as a result of climate policies.”
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