OPEC lowers global oil long-term demand forecast

Author: Zhao Feifei Source: Xinhua November 7, 2019

The Organization of the Petroleum Exporting Countries (OPEC) released the 2019 World Petroleum Outlook report on the 5th, which lowered the forecast of global oil demand in the medium and long term in the future. Ten thousand barrels.

The report believes that the world's main energy demand will continue to grow in the future, and oil will remain the main energy source. The report predicts that from 2018 to 2040, solar, wind, and geothermal energy will be the fastest growing sources of demand, with an average annual growth rate of 6.9%.

The report said that driven by factors such as battery cost reduction and policy support, the future electric vehicle market will develop rapidly. It is expected that by 2040, nearly half of the new passenger vehicles in OECD countries will be electric vehicles.