Opec has struck a bullish stance in its annual World Oil Outlook (WOO), projecting this week that peak oil demand remains 20-years away. Nevertheless, the report points to a tough few years for Opec, which is seen losing further market share to rival producers out to 2025.

Forecasting continued oil demand growth out to 2040 is in stark contrast to a number of other recent high-profile reports, most notably BP’s 2020 Energy Outlook under which demand has already peaked in two of its three scenarios (MEES, 18 September). Meanwhile Total’s Energy Outlook 2020 released last month forecasts that “oil demand will reach a plateau around 2030 and decline.” (CONTINUED - 1018 WORDS)