The world has access to more than twice as much oil as it will need between now and 2050, which will dampen the long-term outlook for prices, according to BP. There was an “abundance of oil” globally and it was “increasingly likely” that some resources would be left in the ground, Spencer Dale, the oil major’s chief economist, said. This would prompt competition, keeping long-term prices below $US100 a barrel. BP’s latest Energy Outlook report, published overnight, estimates that more than 2.5 trillion barrels of oil have been discovered worldwide and technically could be extracted. Although the company sees continued growth in oil demand into the 2040s, the rate of demand is slowing because of fuel efficiencies and the drive for greener energy. That means there should still be “enough oil to meet the world’s entire demand of oil out to 2050 twice over”, Mr Dale said. Faced with […]