OPEC Optimistic on Oil Demand

This is a news story, published by CNBC, that relates primarily to Ernsberger news.

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global oil demand

CNBC

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OPEC is highly bullish on long-term oil demand growth. Not everyone agrees

Summary

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81% Informative

OPEC predicts strong energy demand growth of 24% globally between now and 2050 .

Low global demand forecasts, coupled with new oil supply coming from non-OPEC countries, spell a long period of subdued crude prices.

OPEC sees demand hitting a whopping 120 million barrels per day by 2050 .

S&P Global Commodity Insights sees the medium-term future as somewhere in between.

"It's difficult to see prices moving much higher from here as long as that threat is out there in the market to bring those supplies back," Ernsberger said. In the much longer term, the eventual decline of the oil era if it happens will be brought on due to changing demand rather than dwindling supply, many analysts argue. It was the late Saudi Sheikh Ahmed Zaki Yamani who said in 2000 : "The Stone Age came to an end not for a lack of stones and the Oil Age will end, but not for a lack of oil.".

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semi-formal

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English

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not offensive

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not hateful