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BP sees peak oil demand in 2020-2030

Tue, 2nd Feb 2010 09:40

LONDON, Feb 2 (Reuters) - Global oil demand is set to peak between 2020 and 2030, as falling developed world demand balances growing demand in emerging markets, the chief executive of Europe's largest oil company said on Tuesday.

Tony Hayward told Reuters Television that government policies in the developed world were eroding demand at the rate of 1 percent per year.

Hayward said this was contributing to an oversupply of refineries, which was prompting rivals to close and sell facilities. However, he added:

'We've got the right set of refineries.' Keywords: BP/DEMAND

(Writing by Tom Bergin, +44 207 542 1029, tom.bergin@reuters.com, Reuters Messaging tom.bergin.reuters.com@reuters.net)

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