According to BP, the demand for oil is bound to drop as there is a worldwide movement towards banning single use plastic items such as single use carrier bags and straws.
This won’t, however, affect the demand for crude, whose demand will continue to grow and has yet to reach its peak.
The world seems to have become increasingly aware of the damage caused to the environment by plastic waste. Different countries’ policies are changing their policies in order to become more environmentally friendly.
In the UK, there has been a charge on plastic carrier bags for a couple of years now. British prime minister Theresa May has expressed her concern about the damage caused by plastic waste and that more should be done to put an end to environmental degradation.
Parliament has recently taken up conversations about new policies that would also put a charge on disposable coffee cups.
> Naomi Round
BP Forecasts Oil Demand Drop in Wake of Plastic Bans Across the World
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