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The coronavirus crisis has sparked talk that the world might have reached peak oil demand but the OPEC cartel sees crude consumption continuing to grow during the next quarter century, driven in large part by greater use of cars in developing countries.
In its latest forecasts, released Thursday, OPEC sees surprisingly little long-term impact despite the coronavirus pandemic plunging the global economy and oil demand into a tailspin.
While the pace of economic recovery will dictate how fast oil consumption rebounds, even OPEC’s scenario of a slow healing sees an eventual return to increased demand.
“At the global level, oil demand is