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OPEC Sees No Peak Demand Long Term

OIL

OPEC does not see a peak in oil demand in its long-term forecast and expects demand to increase to 116m b/d or higher by 2045, its secretary general Hathaim Al Ghais said, cited by Reuters.

  • This contrasts with the IEA’s report June 12 which forecasts peak oil demand by 2029, plateauing at 106m b/d. This brings the forecast for peak oil forward from the previous date of 2030.
  • Al Ghais said that similar forecasts for peak demand had been proved wrong before, noting the IEA’s suggestion that gasoline demand had peaked in 2019, or that coal demand has peaked in 2014.
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OPEC does not see a peak in oil demand in its long-term forecast and expects demand to increase to 116m b/d or higher by 2045, its secretary general Hathaim Al Ghais said, cited by Reuters.

  • This contrasts with the IEA’s report June 12 which forecasts peak oil demand by 2029, plateauing at 106m b/d. This brings the forecast for peak oil forward from the previous date of 2030.
  • Al Ghais said that similar forecasts for peak demand had been proved wrong before, noting the IEA’s suggestion that gasoline demand had peaked in 2019, or that coal demand has peaked in 2014.