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Oil need to be up to 80-100 million bpd by 2035, says BP's US chief financial expert

Worldwide oil need will fall to around 80 million to 100 million barrels per day by 2035 in a. netzero environment, BP's primary U.S. financial expert informed an. energy conference in Dallas on Wednesday.

Petroleum need has to do with 102 million barrels of oil daily. now, and the forecast assumes renewables and more efficient. automobile increase over that period. But BP's Michael Cohen. said the world will need continued financial investment in fossil fuels to. make sure an organized shift to cleaner energy.

Non-OPEC oil supply development will exceed need growth over. the next several years, restricting the ability of the Organization. of the Petroleum Exporting Countries to add more barrels to the. global market, Cohen stated.

Market modifications likewise will produce a shift in output and. setups at oil refineries. Refiners will shift their. plants to produce more naphtha to change fuel, and there. will be greater combination of oil and petrochemical operations,. Cohen said.

The portion of fuel compared to other refined products. supplied by refiners will drop to about 15% by 2050, from 25%. today, he stated. Automakers will continue to develop internal. combustible engine lorries, and there will be more miles driven. worldwide, Cohen stated, but light lorries will be more. fuel-efficient.

The drop in gas demand will especially impact. European refineries, Cohen said.

The Atlantic Basin element of refining throughput. declines is the largest of any of the various regions, stated. Cohen.

While financial investment in oil and gas production will stay. stable, there will be a huge increase in costs on. renewable resource, he stated.

(source: Reuters)