Opec rejects projection that global demand for oil has peaked
The world’s most powerful oil-producing nations have denied that oil demand may have already reached its peak and have claimed that the world will continue to consume more fossil fuels for almost 20 years.
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Photograph: Dado Ruvić/Reuters
A new report from the Opec oil cartel, which represents the interests of countries including Saudi Arabia and Iran, has predicted that the world’s appetite for oil will continue to rise before reaching a plateau in the late 2030s.
The research arm of the Vienna-based cartel said oil use would rise from just below 100m barrels a day last year to 109m barrels in 2045 after recovering from the severe slump in demand during the coronavirus pandemic.
“Oil will be needed for years to come, and even if demand plateaus in the long-term, it will remain a key fixture in the energy mix,” the group’s report said.
Opec