Oil Demand as a Test of Market’s Lower Limits Oil demand growth will slow and supplies will remain abundant in the coming decades, meaning producers in the Middle East, Russia and U.S. 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 percent 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. “The most important source of growth in oil demand in the 2030s won’t be to power cars or trucks or planes, but rather used as an input into other products, such as plastics and […]