Goodbye, Big Oil: "Half the world's proven reserves (1.7 trillion barrels) will never be needed"

Ambrose Evans-Pritchard of The Telegraph writes that BP's move to green energy marks the end of Big Oil:

With a single stroke of the pen, BP has written the obituary of the global petroleum industry. The Anglo-Persian Oil Company that once fuelled the British Empire and long defined Big Oil has confirmed what the technology fraternity has been saying for the last five years. Bells do not toll any louder than this.

The two key scenarios released at BP's capital markets forum - at least the two that it believes in - tell us that world oil demand has already peaked forever near 100m barrels a day and will soon go into precipitous decline.

It will fall by three quarters to 25m barrels a day by 2050 under BP's Net Zero forecast, mostly for plastics. By then cars will be electric (or better). Heavy trucks will run on hydrogen, aircraft on green synthetic jet fuel. Half the world's proven reserves (1.7 trillion barrels) will never be needed. They are already stranded assets.