Oil No. 1 energy source for decades: Opec

Opec sees oil demand growth to 2035 unchecked by climate fight

As the world's nations prepare to gather for another climate summit next month in Glasgow, the OPEC oil cartel is reminding that, in their view, crude will continue to be the leading source of energy for decades, especially as the world's lesswealthy countries seek higher growth and standards of living.

OPEC says that more electric vehicles on the road and the push for alternative and renewable energy will indeed usher in an era of declining demand for oil in rich countries.

But the energy needs of expanding economies in other parts of world will still leave oil as the world's No. 1 source of energy through 2045, OPEC said Tuesday in its annual World Oil Outlook.

"What is clear in this year's WOO is that energy and oil demand have picked up significantly in 2021, after the massive drop in 2020, and continued expansion is forecast for the longer-term," the report said.

“Global primary energy demand is expected to increase by 28 per cent in the period between 2020 and 2045, with all energies required, driven by an expected doubling in size of the global economy and the addition of around 1.7 billion people worldwide by 2045.” Only coal will see less use, while other sources of energy will see increasing demand, though the share will shift to include a bigger proportion for renewables, nuclear and natural gas.