OPEC "No End to the Oil Era for Now... Growth Until 2040"

OPEC Predicts Long-Term Increase in Oil Demand
Oil Demand Declined More Than Past Forecasts Due to COVID-19
Oil Era Expected to Continue

[Asia Economy Reporter Naju-seok] The Organization of the Petroleum Exporting Countries (OPEC) forecasted that the oil market will continue to grow steadily until the late 2030s. It does not predict the end of the oil era, which some have expressed concerns about, in the medium to long term.

On the 8th (local time), OPEC predicted in a report that global oil consumption will reach 109.3 million barrels by 2040. It presented this year's oil usage as 90.7 million barrels.

OPEC expects that due to the decrease in demand caused by the COVID-19 pandemic and changes in consumer behavior, crude oil demand will decline compared to past forecasts. However, it believes that these changes will not lead to a shift toward a declining trend in oil demand.

[Image source=Yonhap News]

OPEC anticipates a partial recovery in crude oil demand next year. It expects the point at which demand surpasses last year's record high to be in 2025. At that time, global daily oil consumption is projected to be 103.7 million barrels.

Mohammed Barkindo, Secretary-General of OPEC, stated, "The worst phase of the oil market, which was shocked by COVID-19, is over."

This outlook differs from forecasts by British Petroleum (BP) and others. BP predicted last month that oil demand will decline over the next 30 years. In particular, some forecasts even suggested that oil demand might not recover to last year's levels.

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