OPEC+ Sees No Peak Oil Demand Long Term, Secretary General Says
OPEC+ members are cutting output by a total of 5.86 million bpd, or about 5.7% of global demand.
That includes cuts of 3.66 million bpd, which the group on June 2 agreed to extend by a year until the end of 2025, and cuts of 2.2 million bpd, which OPEC+ will gradually phase out over the course of a year from October. OPEC+ does not see a peak in oil demand in its long-term forecast and expects demand to grow to 116 million barrels a day by 2045, and may be higher, OPEC’s secretary general said on Thursday last week.
In its turn, the International Energy Agency said in a report last week it sees oil demand peaking by 2029, levelling off at around 106 million barrels per day (bpd) towards the end of the decade.
Hathaim Al Ghais, writing in Energy Aspects, called the IEA report “dangerous commentary, especially for consumers, and will only lead to energy volatility on a potentially unprecedented scale”.
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