Bloomberg - Sep 28 - OPEC Oil Demand Growth through 2035...Key takeaways "Supply shock" & "Burden on OPEC" (with little spare capacity)
The next few years will be VERY interesting!
Reference:
https://www.bloomberg.com/news/articles/2021-09-28/opec-sees-oil-demand-growth-to-2035-unchecked-by-climate-fight?cmpid%3D=socialflow-twitter-energy&utm_campaign=socialflow-organic&utm_content=energy&utm_medium=social&utm_source=twitter "OPEC Sees Oil Demand Growth to 2035 Unchecked by Climate Fight" "OPEC sees oil demand continuing to grow to the middle of next decade, even as world leaders prepare for another attempt to avert catastrophic climate change. Global fuel consumption will fully recover from its pandemic slump by 2023, and will keep growing until it hits a plateau shortly after 2035, the Organization of Petroleum Exporting Countries said in its latest long-term report."
"The oil industry is at a critical juncture. Some energy companies and traders say the lack of spending on fossil fuel projects amid the fight against climate change will result in a supply shock, potentially driving oil prices even higher."
“The burden is expected to be on OPEC members to provide much of the oil to meet the world’s needs,” it said in the report.