But oil producers now see plastics as the biggest driver of future demand, according to a new report by financial think tank Carbon Tracker and sustainability and development group Systemiq.
"The plastics industry, in its assumption of a doubling of demand for plastics in the next 10, 20 years or so, is making a bet that society will fail to find any solutions to reduce, substitute or recycle plastic," said report author Kingsmill Bond, energy strategist at Carbon Tracker. The International Energy Agency forecast in 2018 that the growth in demand for petrochemical products - including plastics, fertilisers, detergents and other items - would see them account for over a third of the predicted increase in oil demand to 2030, and nearly half to 2050.