Global oil demand is forecast to rise by 17.6mn b/d between 2020 and 2045, growing from 90.6mn b/d in 2020 to 108.2mn b/d in 2045.” So says Opec in the latest edition of its flagship World Oil Outlook (WOO). But dig a little deeper into the numbers and Opec has once again been forced to revise down its long-term expectations for global oil demand, citing the growing penetration of alternative energy sources.
Equally worrying for the group’s prospects is that its own oil production is forecast to remain below 2019 levels over the next five years, with rising non-Opec production capitalizing on most of the near-term demand gains (MEES, 1 October). (CONTINUED - 942 WORDS)
