BP Ignores Oil Market Fundamentals In Latest Energy Outlook

BP Ignores Oil Market Fundamentals In Latest Energy Outlook

NEW YORK, UNITED STATES - 2020/08/10: A motorist fills-up at a BP gas station in Queens Borough of ... [+] New York City. BP Plc (BP) has reportedly decided it would slash oil and gas production and pour billions of dollars into clean renewable energy, speeding up a transition it announced earlier this year. (Photo by Ron Adar/SOPA Images/LightRocket via Getty Images)



SOPA Images/LightRocket via Getty Images

Peak demand has been on the oil industry's radar for some time but mainly as a distant event with vague implications. BP tried to change that last month with a bearish long-term forecast for oil demand that said peak demand is either here now or will arrive in the next few years.

The UK oil major has