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OIL: No Peak Oil Demand ‘on the Horizon’: OPEC

OIL

OPEC said Sep. 24 in its World Oil Outlook that phasing out oil was a ‘fantasy’ as it forecasts that demand will continue growing until at least 2050, Bloomberg reported.

  • Demand is seen hitting 120.1m b/d in 2050, up 17.5% on 2023 levels.
  • OPEC also raised the forecast for 2045 to 118.9m b/d, up from 116m b/d in last year’s WOO.
  • This is at odds with the IEA’s prediction that fossil fuel demand will peak this decade.
  • OPEC also expect oil and gas to be over 50% of the energy mix even in 2050.
  • "What the Outlook underscores is that the fantasy of phasing out oil and gas bears no relation to fact," OPEC Secretary General Haitham Al Ghais said in the report's foreword, cited by Bloomberg
  • "A realistic view of demand growth expectations necessitate adequate investments in oil and gas, today, tomorrow, and for many decades into the future," he added.
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