As world leaders prepare to avoid catastrophic climate change, OPEC expects global oil demand growth to continue into the middle of the next decade.
In its latest long-term report, OPEC predicts that global fuel consumption will fully return to pre-epidemic levels and continue to grow by 2023 and reach stable levels shortly after 2035. This forecast suggests that OPEC does not believe that the United Nations Climate change Conference in Scotland in four weeks' time will lead to a rapid shift in energy consumption from fossil fuels.
"there are still great doubts as to whether all these ambitious climate commitments can be met within the proposed timetable," the OPEC Secretariat said.
Global oil demand suffered an unprecedented decline last year, and epidemic prevention efforts curbed tourism and economic activity. OPEC forecasts that consumption will rebound to more than 100m b / d in 2023 and continue to rise to 107.9 million b / d in 2035. Compared with last year's report, the forecast is almost unchanged.