LONDON — OPEC on Thursday said it had downwardly revised its forecast for global oil demand growth over the long term, given the industry faced “an existential threat” this year in the wake of the coronavirus pandemic and as climate policies continue to shape the future of energy.
In its closely-watched annual World Oil Outlook, the Middle East-dominated group of oil producers outlined its medium to long-term expectations for the global economy, oil and energy demand, and related policy matters. It also extended its forecast period through to 2045, from 2040.
OPEC said worldwide oil demand was expected to increase by nearly 10 million barrels per day (b/d) over the long term, rising to 109.3 million b/d in 2040, and to 109.1 million b/d in 2045. Global oil demand stood at 99.7 million b/d in 2019.
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