OPEC expected to stick to view of long-term oil demand rise

LONDON – OPEC’s view that world oil demand will keep rising for longer than many other forecasters predict is not expected to change much in its forthcoming major report, despite the growing role of renewables and electric cars, two OPEC sources said.

The Organization of the Petroleum Exporting Countries is scheduled to update its long-term oil demand forecasts in its 2022 World Oil Outlook on Oct. 31. The 2021 version sees oil demand plateauing after 2035.

Another decade or more of oil demand growth would be a boost for producers and OPEC, whose 13 members depend on oil income, and would highlight the need for continued investment in new oil supplies. Consumers and governments urg…

Keep on reading: OPEC expected to stick to view of long-term oil demand rise