Comment: The curtain is coming down on petrol, and one oil giant is launching radical plans to counter the electric car's rise
"One senior financial figure I spoke to confidently predicted the end of our industry in about five years!" he said. "Another speculated that most vehicles on the road would be electric in five to 10 years."
Production is to reach 23 billion cubic feet per day within a decade, equal to 60 per cent of today's global market for liquefied natural gas.Bob Dudley, BP's chief executive, said the oil industry faces a blizzard of hostile myths and is "heading into stormy and uncharted waters" as climate targets tighten.
This is the case even assuming that wind, solar and renewables achieve the fastest penetration of any energy source in history. The Opec cartel is under less immediate pressure to adapt than private companies. It does not have to answer to shareholders or to the fossil disinvestment movement. It can happily insist that oil demand will ratchet up to fresh peaks of 112 million barrels a day by 2040.
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