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BP paints bleak picture for global oil market

Global oil demand may never rebound to the levels seen before the coronavirus pandemic, and it could fall by 50% to 55 million barrels per day by 2050, according to BP's central "Rapid" energy transition scenario outlined in its Energy Outlook 2020. "The diminished role for oil reflects the proportionally higher impact of COVID-19 on the transport sector, faster penetration of electricity and hydrogen in transport, and more stringent policy assumptions regarding the use of plastics," BP said.

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