BP CEO: Oil industry faces supply challenge
The oil industry will continue to face supply challenges in the long term, following China’s burgeoning demand for imports, said BP’s chief executive at the World Economic Forum in Davos, Switzerland.
Speaking at a global energy outlook panel discussion, which discussed how producers and consumers could develop mutually beneficial approaches to energy security, Tony Hayward, chief executive of BP, highlighted that the increase in demand from China and other emerging economies will create the need for an extra 15 million barrels per day (b/d) in the next decade.
Hayward said the world is currently producing between 83 and 84 million b/d, but that production will need to rise to a peak of 100
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