Fossil fuels will be main energy source for decades: OPEC
The organization does not anticipate global oil demand drying up entirely, but it forecasts production will decrease substantially between now and 2040
VIENNA—OPEC says growth in global oil demand will steadily lessen from an annual average of 1.3 million barrels a day between 2016 and 2020, to 300,000 barrels a day by 2035-2040. But it says fossil fuels will remain the main energy source decades from now.
The organization’s annual World Oil Outlook published Tuesday says renewables are projected to record the fastest growth but their share of total energy supply is still anticipated to remain below 5.5 per cent by 2040.
The report by the 14-nation Organization of the Petroleum Exporting Countries says that the use of fossil fuels—81 per cent of the global energy mix in 2015—will decline by 2040. But the cartel says they will still account then for 74 per cent of all energy used.