Opec dismisses concerns that peak oil demand is close. Cartel forecasts swift recovery and two decades of growth, in contrast to many in sector. Opec expects oil demand to continue to grow for the subsequent 20 years, in distinction to massive segments of the power sector that consider a peak in consumption is close. The analysis arm of the producers cartel stated in its annual outlook that its base case was for demand to develop from 90.7m barrels a day this yr to 109.3m b/d in 2040, earlier than levelling out over the next 5 years. Oil consumption collapsed this yr from close to 100m b/d in 2019 after governments enacted measures to curb the unfold of coronavirus, decreasing journey by air and highway.
FT 9th Oct 2020 read more »
Guardian 8th Oct 2020 read more »