BP Forecasts Peak Oil Demand by 2025, Insufficient Growth in Low-Carbon Energy

BP's 2024 Energy Outlook highlights the urgent need for accelerated renewable energy development to meet global demand and reduce carbon emissions.

Global oil demand is expected to peak at 102 million barrels per day by 2025.
Current renewable energy growth is not fast enough to offset rising energy consumption.
Two scenarios predict different trajectories for carbon emissions and energy demand by 2050.
Natural gas demand is projected to increase in emerging economies under the current trajectory.
A significant expansion of wind and solar capacity is anticipated, especially in China and developed countries.