LONDON (Reuters) - World oil demand will peak sometime after 2020 at a maximum of around 110 million barrels per day (bpd), BP Chief Executive Tony Hayward said on Thursday.
“World demand will peak before its supply peaks because there is plenty of oil in the world, there really is,” he said in an interview on BBC Radio 4.
“There are some challenges getting it out in some places, mainly to do with geopolitics, but there is plenty of oil in the world.”
Asked when peak oil demand would come, Hayward said: “It will probably occur beyond 2020 -- who knows what the number will be, but it will be somewhere between sort of 95 and... 110 million bpd, probably, versus the 85 we consume today.”
Hayward said the oil industry would never sell more gasoline in the United States or Europe than it had done during the boom in 2007.
Oil prices are currently around $76 per barrel and Hayward said they needed to stay relatively close to that level.
“In the non-OPEC world, the area of difficult oil, the deep water of Angola, the deep water of Brazil, the Gulf of Mexico we need an oil price of $60 or more to allow us to invest and make a return on our capital.
“In the OPEC world, it turns out the oil is a lot easier to get out, so it’s less expensive but they’ve got the challenge of balancing their domestic budgets and they also need prices of $60-$70 dollars per barrel.”
“You can sort of argue on a supply side it’s $60 and on a demand side it’s $90, is the world going to turn out like that?”
Editing by Stefano Ambrogi and William Hardy
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