BP predicts higher oil and gas demand, suggesting world will not hit 2050 net zero target

Conflict in Ukraine and Middle East as well as tariffs are making states focus on energy security

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BP has raised its forecasts for oil and gas demand, suggesting global net zero target for 2050 will not be met, in the latest sign the transition to clean energy is decelerating.

The energy company’s closely watched outlook report has estimated that oil use is on track to hit 83m barrels a day in 2050, a rise of 8% compared with its previous estimate of 77m barrels a day.