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BP: speed of global energy transition still 'uncertain'

(CercleFinance.com) - The speed of the global energy transition is uncertain, BP said in its "energy outlook" for 2018, unveiled last night.

While renewables are now by far the fastest-growing source of fuel, oil, gas, coal and non-fossil fuels will represent around 25% of the world's energy by 2040, the group said.

BP said a key uncertainty lies in the future growth of electric car sales.

In its base scenario, the share of electric vehicles in the global number of vehicles on the road is expected to reach around 15% by 2040 - over 300 million cars out of a total of almost 2 billion, BP said.

According to the company, the suggestion that rapid growth in electric cars will cause oil demand to collapse is not actually supported by numbers.

Indeed, according to BP, oil demand should be even higher in 2040 than it is today.

"We need a far more decisive break from the past," said Bob Dudley, BP's CEO.

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