Oil and gas will account for over half of the world’s energy by 2040, according to BP’s latest Energy Outlook. Oil and gas will account for over half of the world’s energy by 2040, according to BP plc’s latest Energy Outlook. The outlook’s ‘evolving transition’ scenario highlights that demand for oil will grow over much of the period to 2040 before plateauing in later years. All the demand growth is said to come from emerging economies, with the growth in supply driven by US tight oil in the early part of the outlook. OPEC is said to take over from the late 2020s as Middle East producers adopt a strategy of growing market share. The transport sector will continue to dominate global oil demand, according to BP, accounting for more than half of the overall growth. Most of the growth in energy demand from transport, which flattens off towards […]