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05 February, 10 Tony Hayward has told BP account card customers that he expects global demand for oil to peak after the coming decade. In an interview with BBC Radio 4, the oil giant's chief executive said that after 2020, demand will hit its maximum point of around 110 million barrels of oil per day. He stated that the energy industry will have no trouble in meeting this hike in consumption because there are still sufficient supplies of the hydrocarbon available. Mr Hayward said: "World demand will peak before its supply peaks because there is plenty of oil in the world, there really is. "There are some challenges getting it out in some places but there is plenty of oil in the world." Earlier this week, BP account card users also learned that the company saw a sharp increase in its fourth-quarter profits for 2009, compared with the same period in 2008. It earned $4.4 billion (£2.8 billion) over the three-month period, a year-on-year rise of 70 per cent. Posted by Nick Jenkins
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