Exxon Mobil Corp projects that oil and natural gas will still account for 54% of the world's energy needs in 2050, with CO2 emissions doubling the desired scenario set by the IPCC.
Demand for coal, natural gas, and oil is expected to peak in the near future, even without new climate policies, as a result of the shift towards renewable energy and electric vehicles, according to the International Energy Agency.
Demand for fossil fuels is expected to reach an all-time high before 2030, despite progress in the fight against climate change, according to Fatih Birol, Executive Director of the International Energy Agency.
OPEC expects robust growth in global oil demand in 2023 and 2024, with pre-pandemic levels surpassing by 2023, due to signs of strong recovery in major economies despite challenges like high interest rates and inflation.
Oil prices continue to rise as OPEC+ supply cuts tighten the market, with Brent crude surpassing $94 a barrel and speculators increasing bullish wagers on Brent and West Texas Intermediate, leading to concerns about inflationary pressures.
Top Saudi Arabian and U.S. oil producers Aramco and Exxon Mobil have pushed back forecasts of peak oil demand and emphasized the need for continued investment in conventional oil and gas, stating that the energy transition will require more time and investment.
Gas prices in the US have reached their highest level in 11 months, posing challenges for the Federal Reserve in its campaign to control inflation. Factors contributing to the increase include rising oil prices, production cuts by Saudi Arabia and Russia, reduced refinery production due to hot weather, and low reserves in the Strategic Petroleum Reserve. However, prices are expected to decrease with the switch to a cheaper gasoline blend in the fall and projected global economic slowdown in 2024.
The head of OPEC warns that a lack of investment in the oil industry poses a danger to global energy security and could cause crude prices to reach $100 a barrel.
The secretary general of Opec+ predicts that oil prices will remain high due to increasing energy demand, as Saudi Arabia cuts its crude oil production by a million barrels a day and warns of a potential supply shortfall.
Oil demand is predicted to remain strong into 2024, with a substantial rate of growth expected despite the potential impact of electric vehicles.
OPEC+ decides to maintain current oil production cuts, causing a drop in crude oil prices despite the potential need for higher prices to impact demand, with oil demand booming in China and India but declining in the US.
OPEC heavyweights argue that the oil and gas industry should not be stigmatized in the climate debate and assert that the industry has a role to play in a responsible energy transition.
OPEC has raised its long-term forecast for global oil demand, predicting that it will reach 116 million barrels per day by 2045 and requiring $14 trillion in investment to meet this upswing, despite the expansion of renewable energy technologies.
OPEC raised its world oil demand forecasts for the medium and long term, estimating that $14 trillion of investment is needed to meet the demand by 2045, despite the pushback against net zero targets and the rise of renewable fuels and electric cars.
OPEC has increased its long-term oil demand forecast to 116 million barrels per day by 2045, contradicting the International Energy Agency's prediction that demand will peak.
OPEC raises its estimate for long-term oil demand, stating that trillions of dollars will be needed to meet the higher demand due to growth in China, India, and other Asian, African, and Middle Eastern countries.
The International Energy Agency (IEA) has lowered its forecast for oil demand growth in 2024 due to global economic conditions and increased energy efficiency, but raised its forecast for 2023 demand; however, the IEA warns that if OPEC+ unwinds its supply cuts in January, the market could shift to surplus.
