No peak oil demand ‘on the horizon’, phaseout a ‘fantasy’: OPEC

OPEC predicts oil demand will grow until 2050, reaching 120.1 million barrels per day, contradicting IEA forecasts of peak demand this decade. The cartel calls phasing out oil a “fantasy” and stresses the need for continued investment in fossil fuels. OPEC’s outlook sees oil retaining the largest share in the energy mix by 2050, with renewables growing but not displacing oil. This stance contrasts with global efforts to transition away from fossil fuels to combat climate change.READ FULL