BP Chief Executive, Tony Hayward said in an interview on BBC radio that world demand will rise to reach its peak after the year 2020, with a maximum of 110 million barrels per day (bpd).

"It will probably occur beyond 2020 -- who knows what the number will be, but it will be somewhere between sort of 95 and... 110 million bpd, probably, versus the 85 we consume today" Hayward told the radio channel.

Hayward added that there is still plenty of oil in the world to face the growing need for oil, referring to the geopolitics as one of the challenges that stands in the way of exploration.

“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, mainly to do with geopolitics, but there is plenty of oil in the world” Hayward stated.