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OPEC Says Oil and Gas Will Remain World’s Main Energy Source

By on November 8, 2016

Khalid Al-Falih Minister of Energy, Industry and Mineral Resources of Saudi Arabia answers questions as part of the 15th International Energy Forum Ministerial meeting in Algiers, Algeria, Tuesday, Sept. 27, 2016. At meetings in Algeria this week, energy ministers from OPEC and other oil-producing countries are discussing whether to freeze production levels to boost global oil prices. (AP Photo/ Sidali Djarboub)

Khalid Al-Falih Minister of Energy, Industry and Mineral Resources of Saudi Arabia answers questions as part of the 15th International Energy Forum Ministerial meeting in Algiers, Algeria, Tuesday, Sept. 27, 2016.  (AP Photo/ Sidali Djarboub)

VIENNA – OPEC has trimmed its forecast for growth in world consumption of crude over the coming decades, but says oil and gas will remain the globe’s main sources of energy.

The forecast is contained in the Organization of the Petroleum Exporting Countries’ 2016 world outlook.

The 14-nation cartel says total world oil demand will be 109 million barrels a day by 2040. That’s 400,000 barrels a day less than its last annual estimate but still a daily 16 million barrels more than at present.

Its report Tuesday says that oil and gas will provide around 53 percent of world energy demand by that time.

The report was issued ahead of an OPEC oil ministers’ meeting Nov. 30, focused on slightly reducing output to drive up prices.

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