OPEC Says Phasing Out Oil Is Just A Fantasy

OPEC's latest World Oil Outlook (WOO) 2024 makes it clear: peak oil demand is not on the horizon. Despite ongoing discussions around transitioning to renewable energy, OPEC forecasts global oil demand to grow significantly, reaching over 120 million barrels per day (mb/d) by 2050. This projection is driven by strong demand from non-OECD countries, which are expected to see the majority of growth. “What the Outlook underscores is that the fantasy of phasing out oil and gas bears no relation to fact,” OPEC said in its WOO forward. From…