BP delays oil peak to 2030, boosts fossil fuel investment despite climate risks.

BP has revised its global oil demand forecast, pushing the peak to 2030 due to slower-than-expected energy efficiency gains, despite growth in renewables. Under its Current Trajectory scenario, oil use will rise through 2030, stabilize by 2035, and remain elevated in emerging economies like India, while developed markets decline. China’s oil demand is expected to flatline. The company plans to boost upstream oil and gas investment to $10 billion annually, launching 10 new projects by 2027 and expanding production to 2.3–2.5 million barrels per day by 2030. Natural gas demand is projected to grow, especially in Asia, with LNG exports rising. Electricity demand will surge, driven by transport electrification, with wind and solar meeting over half of new power needs. However, BP’s outlook suggests emissions may exceed 2°C warming limits by the early 2040s, and its revised strategy includes cutting clean energy spending and divesting from renewables amid investor pressure and a stagnant share price.