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Spencer Dale – group chief economist

BP's group chief economist, Spencer Dale, is responsible for advising the board and executive team on economic drivers and trends in global energy
Spencer Dale – group chief economist
“The significance of peak oil is that it signals a shift from an age of perceived scarcity to an age of abundance – and with it, a likely shift to a more competitive market environment.”

Spencer Dale, group chief economist

Role at BP

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

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


Back to the future: electric vehicles and oil demand


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