BP Releases Energy Outlook

(RTTNews) - British energy giant BP Plc (BP.L, BP_UN.TO, BP) Tuesday said it expects fast growth in developing economies to drive up global energy demand a third higher.

The company released the 2018 edition of BP's Energy Outlook.

Moving ahead, the oil giant said it expects the global energy mix to be the most diverse the world has ever seen by 2040, with oil, gas, coal and non-fossil fuels each contributing around a quarter. Renewables are expected to the fastest-growing fuel source, increasing five-fold and providing around 14% of primary energy.

"BP's strategy has to be resilient and adaptable to significant changes in the energy industry. This Outlook considers the possible implications of some of these changes and helps inform our long-term planning. We cannot predict where these changes will take us, but we can use this knowledge to get fit and ready to play our role in meeting the energy needs of tomorrow," said Bob Dudley, group chief executive.