illuminem summarizes for you the essential news of the day. Read the full piece on Forbes or enjoy below:

🗞️ Driving the news: BP's 2024 Energy Outlook presents a challenging future for oil, with projections indicating declining demand in both moderate and aggressive decarbonization scenarios
• Meanwhile, natural gas and Liquefied Natural Gas (LNG) see potential growth, but face uncertainty depending on global policies favoring renewable energy

🔭 The context: The report outlines two scenarios: the Current Trajectory (CT) predicts oil demand will peak and decline by 25% by 2050, while the Net Zero (NZ) scenario forecasts a more dramatic 73% drop
• For LNG, demand could rise until 2030, but potentially fall by 58% by 2050 under the NZ scenario as renewables gain ground

🌍 Why it matters for the planet: The shift away from oil and potentially gas highlights the importance of transitioning to cleaner energy sources to meet climate goals, with significant implications for global energy markets and emissions

⏭️ What's next: The future of LNG and gas depends heavily on international policies and the pace of renewable energy adoption, particularly in emerging economies
• Investment risks are high, given the potential for policy shifts towards more sustainable energy sources

💬 One quote: "The world has never reduced any fuel on a sustained basis. It's just consumed more of everything and that's the historic challenge facing the global energy system," said Spencer Dale, BP's chief economist

📈 One stat: BP projects that global oil demand could drop from 100 million barrels per day (MMbopd) to 27 MMbopd by 2050 under the Net Zero scenario

Click for more news covering the latest on oil & gas