How short memories are. Just before the COVID panic spread, oil demand growth was at record levels. COVID has reduced that massively and some parts of that demand will struggle to come back for a little while. Also, the COVID crisis has laid bare some self-inflicted wounds that have nothing to do with COVID so this all drags oil demand down. But the world will start growing again eventually and people will find out what a fraud Renewable Energy is. You can run, you can hide but the world will return to sanity – and with it oil demand will grow again.
BP Plc said the relentless growth of oil demand is over, becoming the first supermajor to call the end of an era many thought would last another decade or more.