5 December 2022

London: Organisation of the Petroleum Exporting Countries ( Opec ) is likely to maintain its view world oil demand will rise for another decade longer than many other forecasters predict, in a forthcoming major report, despite the growing role of renewables and electric cars, two Opec sources said.

Opec is scheduled to update its long-term oil demand forecasts in its 2022 World Oil Outlook on October 31. The 2021 version sees oil demand reaching a plateau after 2035 Another decade or more of oil demand growth would be a boost for producers and OPEC whose 13 members depend on oil income and would justify continued investment in new supplies Consumers and governments urging efforts to curb oil use to combat climate change would be less happy.

stick to view Opec likely
stick to view Opec likely

Opec made a shift in 2020 when the pandemic hit demand, saying it would eventually slow after years of predicting ever-increasing consumption. The latest update is likely to keep Opec among the more bullish forecasters of oil demand. ” It is similar to last year in terms of the demand outlook . ” one of the Opec sources said on condition of anonymity The second source said Opec has not brought forward its timeline for when plateau demand is forecast.

Other predictions see oil demand peaking earlier. Total Energies has forecast this will take place before 2030. The International Energy Agency on Thursday for the first time in its history of modeling said demand for all fossil fuels was set to peak, with oil demand leveling off in the middle of the next decade.

Home Facebook Tour Graphic Design Grocery Karnataka Rishikesh Dandeli Fashion

Leave a Reply

Your email address will not be published. Required fields are marked *