1. Home
  2. Energy economics
  3. Spencer Dale

Spencer Dale – chief economist

bp chief economist Spencer Dale is responsible for advising the board and executive team on economic drivers and trends in global energy

bp Energy Outlook 2023

bp’s Energy Outlook 2023 considers the recent disruption to global energy supplies and associated impacts on global prices, and explores what impact this could have on the energy transition out to 2050.


At this year’s launch webcast – held on 30 January – Spencer Dale, bp’s chief economist, discussed the Outlook’s findings and what they could mean for the future of energy. 


The webcast is now available to view on demand.

bp Energy Outlook 2023 edition
Spencer Dale – chief economist
Renewables are likely to be the fastest-growing source of energy over the next 20 years; penetrating the global energy system more quickly than any fuel ever seen in history.Spencer Dale,chief economist

Role at bp

Spencer Dale is bp’s chief economist. He manages bp’s global economics team, providing economic input into the firm’s commercial and strategic decisions. bp’s economics team also produces the annual Statistical Review of World Energy and the Energy Outlook. 



Spencer Dale joined bp as group chief economist in October 2014. Prior to that, he was executive director for financial stability at the Bank of England and a member of the Financial Policy Committee. Between 2008 and 2014, Spencer was chief economist of the Bank of England and a member of the Monetary Policy Committee. Spencer joined the Bank of England in 1989 and served in numerous roles, including private secretary to Mervyn King and head of economic forecasting. Spencer served as a senior advisor at the US Federal Reserve Board of Governors between 2006 and 2008.



He was educated at the University of Wales, gaining a BSc in Economics in 1988 and at the University of Warwick, gaining an MSc in Economics in 1989, whereupon he immediately joined the Bank of England.


Additional reading


Energy: haves and have nots (PDF 141 KB)


Peak oil demand and long-run oil prices (PDF 472 KB)


Back to the future: electric vehicles and oil demand (PDF 321 KB)


The energy transition could come faster than we think – interview, Energy Post


New economics of oil (PDF 265 KB)


Lessons from the shale industry will reshape global oil market (behind FT paywall)


Three important questions for the oil market


bp names Spencer Dale as the new group chief economist