BP said that the oil market gradually re-balances, with the current low level of prices boosting demand and dampening supply.
Global liquids demand will increase by around 20 million barrels per day to 112 million barrels per day by 2035, according to BP forecasts with non-OPEC supply to account for the majority of the supply increase, growing by 11 million barrels per day.
BP expects that China will surpass the US as the world`s leading oil consumer by 2035.
Renewables will account for a quarter of global primary energy growth out to 2035 and over a third of the growth in global power generation, according to BP forecasts.
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