The world will remain thirsty for oil for decades

BP not only predict what will happen within the next year, they are looking ahead to 2040 in their annual energy review, making a number of eye-catching predictions.

Firstly BP predicts that renewable energy will account for more than half of the energy capacity added globally between now and 2040. By then, the company suggests, renewables will provide a quarter of the world’s energy – with oil, gas and coal each also accounting for a quarter. This would result in the world’s energy supply being diverse than at any point in history.

BP believe that relatively quickly, natural gas will overtake coal to come in second place after oil as the most widely used source of energy globally. They also suggest that by 2040, it will be coming close to overtaking oil.

BP predicts that there will be two billion cars worldwide by 2040 but that internal combustion engine will continue to dominate – with just 15% of all cars being electric-powered by this date. Electric vehicles will account for 30% of miles driven as they are expected to be used more intensely than traditional petrol vehicles. BP admits that the extent to which electric vehicles will take off is one of the harder things it has to forecast during the period.