OPEC Says World Can’t Live Without Oil, Demand Will Keep Rising
- Sees global demand climbing 13% to 109.5 million b/d in 2035
- Group says transition away from oil is ‘potentially dangerous’
Photographer: Fabio Teixeira/Anadolu Agency.Getty Images
This article is for subscribers only.
OPEC held firm to projections that global oil demand will keep growing for another decade, and said it would be dangerous to abandon fossil fuels.
World oil consumption will climb by 13% to reach 109.5 million barrels a day in 2035 and hold around this level for another decade, the Organization of Petroleum Exporting Countries said in its annual World Oil Outlook. The forecast clashes with a widespread view in the petroleum industry that demand will hit a peak around the end of this decade as the threat of climate change spurs a switch to renewables.