InterestingIT AIN’T OVER ‘TIL IT’S OVER (FOR OIL DEMAND)
We’re leaning hard into the Berra-isms this morning. In any case, OPEC is forecasting world oil demand will rise to 110 million barrels per day by 2045, even as renewable energy sources comprise a larger share of overall energy sources. Basically, it boils down to a couple of things – a growing global population, and continued migration away from rural areas into core cities, where energy intensity is generally higher. In all, OPEC reckons global energy demand will rise 23 per cent through that forecast horizon, with oil accounting for about 29 per cent of the mix.