Thirst for crude oil puts $100 a barrel back into view

Even as the world embraces cleaner sources of energy, the thirst for oil is hard to slake, with countries such as India and China consuming more oil as borders reopen.

Oil consumption is heading for a record this year, according to the International Energy Agency, which advises major economies.

As pandemic lockdowns gripped the world in 2020, BP chief executive Bernard Looney made a startling admission: He thought that oil demand might never return to its pre-pandemic peak. But recently, Mr Looney has done an about-face.

After announcing ambitious plans to cut emissions, BP, one of the world’s top crude producers, is now ploughing more money into fossil fuels.