British Petroleum (BP.US) CEO “looks forward” to Trump's return to the White House and predicts that global oil demand will continue to rise

The Zhitong Finance App learned that British Petroleum (BP.US) CEO Murray Auchincloss said on Monday that he expects the incoming Trump administration to reform and simplify US licensing and regulatory procedures, which will help the company and the energy industry as a whole.

Auchincloss said, “We are looking forward to Trump's presidency. We think this is a great opportunity to help the US push back on construction, carry out regulatory reforms, and speed up approval.”

BP is headquartered in the UK, but more than half of its assets and cash flow are in the US, and Auchincloss is optimistic about the company's business in the US by 2030.

Auchincloss also said that global oil demand continues to rise unexpectedly, with an average annual increase of about 1%. Depending on the economic environment, he expects strong growth in global oil consumption in the next 5-10 years.

BP expects gas demand in North America to grow by 20%-30% this decade, with opportunities to partner with energy-hungry artificial intelligence companies.

Auchincloss declined to say whether he agreed with ExxonMobil (XOM.US) CEO Darren Woods and others against Trump's position to withdraw the US from the 2015 Paris climate agreement.