(5 Nov 2019) The Organization of the Petroleum Exporting Countries (OPEC) is predicting a doubling of the world economy by 2040, leading to increased oil demand.
Speaking at the release of the World Oil Outlook report on Tuesday, OPEC secretary general Mohammad Barkindo said in 2040 "all renewables combined are only estimated around 19% of the global energy mix" with oil maintaining the largest share of the energy pie.
The report forecasts an increase in oil demand to 44.4 million barrels per day compared to 36.6 million barrels per day in 2018.
The group has downgraded its crude oil demand forecast for the next four years by 7% due to increasing shale oil growth in the US and Canada.
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