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New report: Oil to remain the world's largest source of energy

21/11/2017
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According to the newly published edition of OPEC’s World Oil Outlook, oil will remain the world’s largest source of energy over the next two decades.
The World Oil Outlook estimates that oil will supply more than 27 per cent of worldwide energy needs in 2040, with natural gas contributing around 25 per cent.
(Image via OPEC).

Contrary to the predictions of clean-energy evangelists, Oil & Gas will not be disappearing from the global energy mix anytime soon.

The World Oil Outlook estimates that oil will supply more than 27 per cent of worldwide energy needs in 2040, with natural gas contributing around 25 per cent.

The scenario outlined in OPEC’s report sees demand grow from 95.4 mmbbl per day in 2016 to 111.1 mmbbl per day in 2040, coupled with an average growth of the global economy of 3.5 per cent during that time.
Mohammad Barkindo struck an optimistic note when announcing the new report.
(Image via OPEC).

In his foreword to the report, Mohammad Barkindo, secretary general of OPEC, strikes a relatively optimistic tone:

“The past year has been an historic one for OPEC and the global oil industry. Since publication of the World Oil Outlook in 2016 in early November last year, the oil market has undergone significant change and transition. It has been a period where the rebalancing of the global oil market has gathered momentum, buoyed by a number of important factors.”

Barkindo also makes note of positive trends in oil demand:

“…alongside healthy oil demand growth, which set to increase by close to 2 million barrels a day (mb/d) from the first to the second half of 2017. This has aided the overall rebalancing process.”

The report examines a plethora of factors that will impact oil demand and supply going forward including global demographics, economy growth, national energy policies, and technological development within the Oil & Gas industry.

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Tags: Oil & Gas
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New report: Oil to remain the world's largest source of energy - Time to read 2 min
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