Big Oil publicly acknowledges lithium for first time, cites lithium industry reference price

For the first time ever, the oil industry has acknowledged lithium and electric vehicle battery raw materials via BP’s Statistical Review of World Energy 2018.

The oil industry major’s energy reports and insight are some of the world’s most anticipated pieces of research. They consist of multiple bodies of work produced by world class analysts each year and set the tone for not only the oil industry’s direction but have also significant sway on government policy.

BP admitted that its energy reports needed to adapt to the changing needs of their customers and as a result cited a lithium price from Benchmark Mineral Intelligence – the lithium industry’s reference price provider.

“While the subject of lithium has been on the radar of Big Oil in recent years, this is the first-time lithium has been publicly acknowledged by the oil industry. We have entered a new era for commodities,” Simon Moores, Managing Director of Benchmark Mineral Intelligence said.

The report cites Benchmark Minerals’ Lithium Carbonate, FOB, South America price. This is one of Benchmark’s most commonly cited lithium prices.

Benchmark’s Online Lithium Price Portal – Get access today – email [email protected]

“A key challenge for the Statistical Review is that it needs to adapt to the changing needs of you, our customers,” BP’s Group Chief Economist, Spencer Dale, said in the report.

“One of the questions I am most often asked is whether the available supplies of raw materials used to produce batteries for electric cars could act as a constraint on the speed with which they grow. That question was one of the reasons why we included a new section in this year’s Statistical Review on ‘Key Materials for the Changing Energy System’, including data on cobalt and lithium, which are used in the production of batteries for electric cars,” he added.

The full BP report can be viewed here: https://www.bp.com/en/global/corporate/energy-economics/statistical-review-of-world-energy.html

The lithium specific section from BP’s report can be viewed here: https://www.bp.com/en/global/corporate/energy-economics/statistical-review-of-world-energy/key-materials.html

About Benchmark Mineral Intelligence

Benchmark Mineral Intelligence is a UK-based price assessment company specialising in the lithium ion battery supply chain. It is most famous for producing the lithium industry’s reference price every month to a lithium-specific methodology.

Benchmark assesses lithium prices through first-hand data collection from key contacts on both sides of the supply chain.

For more information on how we collect our lithium prices, you can read this article: Plight of the PRA and how Benchmark became the lithium industry’s reference price, 10 June 2018) here.

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