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BP: World more likely to switch away from rather than run out of oil

On the heels of Cambridge Energy Research Associates study arguing that new oil finds are replacing declining production at existing oil fields, a BP economist said the world is more likely to switch away from oil as opposed to running out of the commodity in the decades ahead, Reuters reported.

BP plc (ADR) (NYSE: BP) Special Economic Advisor Peter Davies also told ministers from Britain's Parliament that world oil production is likely to peak -- but not due to any "peak oil" scenario involving declining recoverable supplies and/or declining production -- but rather due to declining demand, Reuters reported.

"I think we will run out of demand before we run out of supply," Davies said, Reuters reported. "There's a distinct possibility that global oil consumption could peak as a result of climate policies."

Continue reading BP: World more likely to switch away from rather than run out of oil

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