⁍ OPEC said world oil demand will plateau in the late 2030s and could by then have begun to decline.
⁍ The prediction comes amid a growing number of other forecasts that the pandemic may prove the tipping point for peak oil demand.
⁍ Oil use will rise to 107.2 million barrels per day in 2030 from 90.7 million bpd in 2020, OPEC said.
– World oil demand will rise to 107.2 million barrels per day in 2030 from 90.7 million bpd in 2020, according to OPEC’s latest World Oil Outlook report. The Organization of the Petroleum Exporting Countries predicts demand will plateau in the late 2030s and begin to decline in the second half of the forecast period, Reuters reports. OPEC blames the flu pandemic for the drop in oil use, which it says will be partly offset by increased adoption of electric cars, better fuel efficiency, and other energy-efficient measures. “There is ample scope for far larger implementation of energy efficiency measures, which could potentially depress future oil demand to much lower levels,” OPEC says.
Source: https://www.reuters.com/article/us-oil-opec-outlook/opec-in-major-shift-says-oil-demand-to-plateau-in-late-2030s-idUSKBN26T24C