Economic Report 2020

During the upcoming period of transition oil will continue to have an important role in an increasingly diverse energy mix. During this period, investment in new domestic resources is vital to provide energy security throughout the transition. Without this investment, domestic production will decline at a faster rate than demand. This also helps protect the skills and capabilities within the sector which are crucial in supporting net-zero solutions.

Global Oil Demand Projections

UK Quarterly Oil Product Demand

120

25

OPECDemandOutlook

100

20

80

IEASustainableDevelopmentScenario

15

60

10

40

GlobalOilDemand (Millionbpd)

5

20

UK Demand for Primary Oils (mtoe)

0

0

2010

2015

2019

2020

2025

2030

2040

Source: IEA,OPEC

2019 Q1 Source: BEIS

2000 Q1

2001 Q1

2002 Q1

2003 Q1

2004 Q1

2005 Q1

2006 Q1

2007 Q1

2008 Q1

2009 Q1

2010 Q1

2011 Q1

2012 Q1

2013 Q1

2014 Q1

2015 Q1

2016 Q1

2017 Q1

2018 Q1

2020 Q1

21