Vienna, Austria, 13 June 2024--In a recent article published by Energy Aspects, HE Haitham Al Ghais, OPEC Secretary General, emphasized that oil is set to play a key role in human lives for years and decades to come. “Peak oil demand is not on the horizon,” he stated.

"The peak oil demand narrative was repeated when the IEA published its Oil 2024 report in which it once again stated that oil demand would peak before 2030. It is a dangerous commentary, especially for consumers, and will only lead to energy volatility on a potentially unprecedented scale".

"To the contrary, OPEC revise its oil demand expectations upwards to 116 mb/d by 2045, and there is potential for this level to be even higher. We do not foresee a peak in oil demand in our long-term forecast."

This is eerily aligned with the forecast ppPLUS has repeatedly issued for several years as summarized in this most recent publication.

Source: OPEC

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