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Green pressure will cut oil demand

The chief economist at Europe's second-largest oil firm BP has predicted global oil consumption will fall in the future probably because of political pressure to cut greenhouse gas emissions.

"People will run out of demand before they run out of oil," Peter Davies told news agencies, adding peak oil was not a short-term concern.

"We are not short of resources to produce."

Speaking At Westminster to the All-Party Parliamentary Group on Peak Oil and Gas, Mr Davies said oil reserves were sufficient and the world was already producing all the oil it needs to function.

"An imminent peak in oil production is not likely in the near term."

World oil production rose by about 0.2 per cent in 2007 to 85.5 million barrels a day, according to the International Energy Agency.

However, countries are making efforts to cut down on the amount of oil they use. For example Sweden has claimed that it will be oil-free by 2020.

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