bp’s economics team produces two reports annually. One – the Energy Outlook – is forward-looking and the other – the Statistical Review of World Energy – analyses data from the previous year. While the Energy Outlook was first published in January 2011, the Statistical Review has been informing the energy economics community since 1952.
This year’s bp Energy Outlook explores the key trends and uncertainties surrounding the energy transition out to 2050.
The three main scenarios considered in the Outlook – Net Zero, Accelerated, and New Momentum – have been updated to take account of two major developments over the past year: the Russia-Ukraine war and the passing of the Inflation Reduction Act in the US.
The challenges and uncertainties facing the global energy system are at their greatest for almost 50 years.
bp’s Statistical Review of World Energy 2022 reveals that the growing shortages and increasing prices highlight the continuing importance of energy ‘security’ and ‘affordability’ alongside ‘lower carbon’ when addressing the energy trilemma.