BP goes back to petroleum

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Financial Times 12h ago

BP goes back to petroleum - Financial Times

Quick Summary:

Opec disputes those calculations, but if the IEA is correct then investors and oil companies that are banking on a slower decline in demand are making a high-stakes bet.

But the negative impact of China’s rapid shift to electric vehicles on the appetite for oil is a sign of the risks run by those, such as Auchincloss, who are forecasting “tremendous amounts of demand” for oil and gas in the next two decades.

BP says its ambition remains to be a diversified oil company, and that its wind and solar arms will be “very big” businesses, despite moving their operations off its balance sheet.