In 2020, BP shocked energy markets, declaring the world was already past peak oil demand. Now, when analysts talk about peak oil, they are referring to that point in time when global oil demand enters a phase of terminal and irreversible decline. Peak oil demand will undoubtedly redraw geopolitical maps and even OPEC may not be able to do anything about it. Two years ago, British oil and gas supermajor BP Plc. (NYSE:BP) sent shockwaves through the energy markets after it declared that the world was already past Peak Oil demand. In the company’s 2020 Energy Outlook , chief executive Bernard Looney pledged that BP would increase its renewables spending twentyfold to $5 billion a year by 2030 and “… not enter any new countries for oil and gas exploration” . That announcement came as a bit of a shocker given how aggressive BP has been in exploring new […]