BP Chief Says Oil Demand to Peak by 2030

February 3, 2010 /EIN PRESSWIRE/ Tony Hayward, CEO of BP, believes the global demand for oil will peak between 2020 and 2030.

Just last summer, Hayward was quoted as saying that he believed the demand for oil would peak decades into the future and that 60% of the world's energy will still come from fossil fuels in 2050. BP says Hayward's adjustment in thinking is based on lower demand from western nations brought about by energy efficiency measures and greater use of renewable energy.

Although Hayward's vision of the peak for oil consumption is now closer to the present, it greatly differs from the prediction of banking giant Deutsche Bank, which predicts the peak for oil will come within the next six years.

Read more about this story at BP Energy Daily Report:

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