BP in its annual energy outlook said peak demand for crude oil and other liquid fuels might come sooner than its previous expectations of demand growth in the 2040s.

Global demand for the commodities would hit 110.3 million barrels per day and plateau in 2040 after peaking in the late 2030s, the UK supermajor projected as part of its latest Energy Outlook to 2040.

Chief executive Bob Dudley said in a Tuesday speech in London that global energy markets are becoming increasingly competitive.