BP sees increasing energy sector competition
The UK company's latest energy outlook flags up more diversity, but doesn’t predict an imminent collapse in oil demand
If you want to make serious inroads in carbon emissions over the next 25 years, then focus on the power sector. That was the message from BP's chief executive Bob Dudley at the launch of the company's Energy Outlook 2018 in London. According to the annually updated report, around 70% of the increase in primary energy demand will come from the power sector. Transport will absorb a declining share, as more electric vehicles (EVs) hit the roads. That will stunt rises in petrol demand, but increase electricity demand. Under BP's "evolving transition" (ET) scenario, the impact of a 115% increase in global GDP on energy demand between 2016 and 2040—driven largely by Asia, Latin America and Africa—
Also in this section
23 January 2026
A strategic pivot away from Russian crude in recent weeks tees up the possibility of improved US-India trade relations
23 January 2026
The signing of a deal with a TotalEnergies-led consortium to explore for gas in a block adjoining Israel’s maritime area may breathe new life into the country’s gas ambitions
22 January 2026
As Saudi Arabia pushes mining as a new pillar of its economy, Saudi Aramco is positioning itself at the intersection of hydrocarbons, minerals and industrial policy
22 January 2026
New long-term deal is latest addition to country’s rapidly evolving supply portfolio as it eyes role as regional gas hub
