BP official: Oil consumption will increase in next 20 years

Baku. 25 October. REPORT.AZ/ “According to our calculations, oil consumption in the global market will continue to grow”

Report informs Vladimir Drebentsov, BP chief economist for Russia and CIS countries said in Baku: “Nevertheless, we will observe more serious changes in oil consumption model in the long perspective. It is known that great part of oil demand is related with transport and increase of electric cars will affect the demand.”

V. Drebentsov also stressed that in the next two years global oil demand will soar than in 2016.

The economist who also commented on the oil price said the current increase of oil price is not continual: “The growth in the recent months is related with hurricane in USA. There is a greater chance for stabilization after 2020. Starting from 2020 the market will be more stable and there will be more durable factors for growth.”

According to him, afterwards the market price will depend on OPEC policy and situation around shale oil production in USA: “But if there is a chance for price jump, there is also a risk for not happening of it. Everything depends on production of shale oil in US. Production of shale oil in US can increase 1.5 fold than our expectations.”