The Organization of the Petroleum Exporting Countries (OPEC) has revised its outlook for long-term oil demand, further escalating its ongoing disagreement with the International Energy Agency (IEA) regarding peak oil demand. In an attempt to assert its position, OPEC has increased its projections for global oil consumption in the coming years.
This move comes amidst a war of words between OPEC and the IEA regarding the future of oil demand. While the IEA has stated that peak oil demand could be reached within the next decade due to the increasing adoption of renewable energy sources and the push towards decarbonization, OPEC remains steadfast in its belief that oil demand will continue to rise, albeit at a slower pace. By revising its long-term outlook, OPEC aims to showcase its confidence in the sustained need for oil and challenge the IEA’s predictions.
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