Oil energy storage professional energy outlook

What is Energy Outlook 2024?

Energy Outlook 2024 explores the key trends and uncertainties surrounding the energy transition. This year’s Energy Outlook is focused on two main scenarios: Current Trajectory and Net Zero. These scenarios are not predictions of what is likely to happen or what bp would like to happen.

What is the 2024 Oil & Gas Industry outlook?

The 2024 oil and gas industry outlook explores five trends and industry drivers that are expected to play an important role in shaping the strategies and priorities of O&G companies in the upcoming year: 1. Energy transition: Prudently allocating capital and effectively executing clean energy policies

Will oil & gas investment continue under the most accelerated scenario?

However, even under the most accelerated scenario, the analysis shows that investment in a broad energy mix, including oil and gas, would continue for a period in order to shore-up security of supply and meet demand across the range of scenarios, particularly in end-use sectors such as chemicals, aviation, and heavy trucking.

Will O&G companies focus on energy transition in 2024?

Given the healthy cash flows, robust financial health, sustained capital discipline, and rapid technological progress in the industry, O&G companies seem relatively well positioned to increase focus on the energy transition in 2024.

How much will the oil market cost in 2040?

Under the Current Trajectory scenario, based on fundamental analysis of currently identified resources, the market is projected to reach a long-term price equilibrium in 2040 within a range of $50 to $60 per barrel ($ real, 2022), or $90 to $100 per barrel (nominal). Marginal production is expected from offshore deepwater projects.

How can the oil and gas industry navigate the changing energy demand landscape?

The oil and gas industry should look to uphold capital discipline and prioritize viable low-carbon projects to help successfully navigate the changing energy demand landscape.