Oil demand will grow sharply in the next few years as economies recover from the pandemic, OPEC forecast on Tuesday, adding that the world needs to keep investing in production to avert a crunch despite an energy transition.
The view from the Organization of the Petroleum Exporting Countries contrasts with that of the International Energy Agency, which in a May report said investors should not fund new oil projects if the world wants to reach net zero emissions. read more
Oil use will rise by 1.7 million barrels per day in 2023 to 101.6 million bpd, OPEC said its 2021 World Oil Outlook, adding to robust growth already predicted for 2021 and 2022 , and pushing demand back above the pre-pandemic 2019 rate.
"Energy and oil demand have picked up significantly in 2021 after the massive drop in 2020," OPEC Secretary General Mohammad Barkindo wrote in the foreword to the report. "Continued expansion is forecast for the longer term."
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