Opec has revised up its long-term oil demand outlook by nearly 3mn b/d, citing a series of policy U-turns in advanced economies which are slowing down the shift away from oil and gas. The group expects oil demand to continue growing out to at least 2050; “there is no peak oil demand on the horizon,” it emphasizes.
In an address which set the tone for much of the discussions that would follow, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman Al Saud told the first day of this week’s 9th Opec Seminar in Vienna that “it is encouraging to see that many countries are now taking a more pragmatic view of the transition, reassessing timelines, adjusting policies and reaffirming the role of hydrocarbons in supporting energy security, affordability and competitiveness.” (CONTINUED - 1043 WORDS)
