BP sees a future of slowing oil demand growth, abundant supplies

London

OIL demand growth will slow and supplies will remain abundant in the coming decades, meaning producers in the Middle East, Russia and the United States will continue to gain market share at the expense of higher-cost rivals, said BP plc.

Demand for oil will expand at an average of 0.7 per cent a year over the next two decades, little more than half the rate in the preceding 20 years, BP said on Wednesday in its Energy Outlook 2035 report. By the early 2030s, transport will cease to be the main driver of growth, a significant departure from the historical trend.