The head of BP allowed a decrease in world oil demand after the pandemic

The head of the British oil and gas company BP, Bernard Looney, allowed a decrease in world oil demand even after the coronavirus pandemic, the Financial Times reported.

“The likelihood that oil will become less in demand is increasing,” Looney said in an interview with the publication, noting that the use of technologies that allow you to work remotely, reducing the need for travel, can persist for a long time after the pandemic.

He drew attention to the fact that the spread of the pandemic only “exacerbates oil problems in the coming years,” because travel bans and restrictions reduced consumption by a third from the pre-crisis level of about 100 million barrels per day.

In addition, Looney said the pandemic strengthened his personal belief in the need to change the company’s strategy. BP is expected to invest more in low-carbon energy and less in hydrocarbons as part of a new commitment to become a zero-emissions company by 2050.

The oil industry is evaluating the likelihood that a decline in demand will become permanent. Global oil demand has been hit hard by the spread of Covid-19.

Due to the pandemic, large-scale bans on social and economic life have been introduced in the world. Different countries have restrictions on air and ground transportation, trade, and restaurants and hotels are prohibited. A number of countries have closed borders.

BP is a British company, one of the six largest oil and gas corporations in the world. It was founded in 1909.