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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  BP plc    BP.   GB0007980591

BP PLC

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Oil industry sounds alarm on coronavirus dent in demand

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09/14/2020 | 12:13pm EDT
FILE PHOTO: Climate change activists demonstrate against BP outside British Museum in London

Persistent damage to the global economy from the coronavirus pandemic will hollow out demand for oil more than previously thought, major industry figures said on Monday.

The Organization of the Petroleum Exporting Countries (OPEC), energy giant BP and commodities trading giant Vitol all made grim forecasts as rising rates of COVID-19 infections sap hopes for quick recovery.

OPEC said in its monthly report that world oil demand would fall by 9.46 million barrels per day (bpd) this year, a decline sharper by 400,000 bpd than predicted in August.

The producer club bumped up its forecast slightly for developed countries, but cut its outlook for Asian countries beyond China "on the back of a slowdown in economic activity due to the rising COVID-19 infection cases".

BP, in its annual energy outlook projected that in its most conservative scenario, the pandemic would slash oil demand by about 3 million bpd by 2025 and 2 million bpd by 2050.

In two more aggressive scenarios modelling two more rapid global pivots away from fossil fuels, the demand erosion would be far deeper.

Vitol Chief Executive Russell Hardy sounded a more positive note, telling a global petroleum conference that after oil storage peaks at the nadir of the pandemic, the market was "slowly chewing through that excess inventory".

But the trading house's global head of research Giovanni Serio said that a dent in demand caused by a continuing rise in cases or a second wave presents "the most likely shock that the oil market needs to be considering in the next 12 to 24 months".

The International Energy Agency is set to update its projections for global oil demand in its monthly report due on Tuesday, after an IEA official said this month that the market appeared to be stuck between a stalled recovery and the absence of any major new lockdowns.

By Noah Browning

Stocks mentioned in the article
ChangeLast1st jan.
BP PLC -2.84% 232.4 Delayed Quote.-49.28%
LONDON BRENT OIL 0.12% 41.8 Delayed Quote.-36.73%
WTI -0.12% 40.208 Delayed Quote.-35.93%
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Financials (USD)
Sales 2020 188 B - -
Net income 2020 -20 685 M - -
Net Debt 2020 44 545 M - -
P/E ratio 2020 -2,42x
Yield 2020 11,3%
Capitalization 46 784 M 59 544 M -
EV / Sales 2020 0,49x
EV / Sales 2021 0,39x
Nbr of Employees 67 600
Free-Float 93,2%
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Mean consensus OUTPERFORM
Number of Analysts 22
Average target price 4,77 $
Last Close Price 2,32 $
Spread / Highest target 198%
Spread / Average Target 105%
Spread / Lowest Target 20,9%
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NameTitle
Bernard Looney Chief Executive Officer & Director
Helge Lund Chairman
Andy Hopwood COO & Executive VP-Upstream Strategy
Murray Auchincloss Chief Financial Officer
Angela Rosemary Emily Strank Chief Scientist & Head-Downstream Technology
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1st jan.Capitalization (M$)
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NESTE OYJ55.19%43 182
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