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