Get this:
BP predicted in 2010 that OCED energy consumption in 2030 will be only 6% higher than in 2010 & that energy consumption between 2020 & 2030 will be virtually flat.
Fact from BP itself: OECD consumption between 2010 and 2019 was double the predicted growth: 12%
#OOTT
BP predicted in 2010 that OCED energy consumption in 2030 will be only 6% higher than in 2010 & that energy consumption between 2020 & 2030 will be virtually flat.
Fact from BP itself: OECD consumption between 2010 and 2019 was double the predicted growth: 12%
#OOTT
As for oil, it predicted the percentage of oil consumption in the global energy mix to decline from around 33% to 29% by 2020. Well, it remains at around 33%! That means all the expected decline to 2030 is now in the next decade.
BP predicted in 2010 that global oil + liquids consumption will be around 94 mb/d in 2019. Actually, it was around 100 mb/d! Off by a whipping 6 mb/d!
This is reality folks!
This is reality folks!
Everyone in 2010 was off in their prediction of supply in terms of OPEC vs Non-OPEC & Conventional Vs, Non-Conventional. Shale was not in the picture. The lesson is clear: things could change quickly, but we should pay attention to market-driven change vs government-driven change
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