OPEC doesn’t...

This baseline scenario represents 9.4 percent growth from pre-coronavirus consumption levels.

Under its slow growth scenario, OPEC expects 5.0 percent growth in oil demand.

And even with fast adoption of green technologies and tougher climate change policies, the cartel still sees a 3.1 percent increase in consumption.

OPEC’S forecast contrasts with that of some industry players, including major oil firms such as BP, which in its latest long-term estimates predicted that oil demand had already peaked or would soon do so thanks to increased use of renewable energy and the impact of the coronavirus.

Yet even the cartel’s forecasts reveal the impact of the changes already underway in certain regions.

It sees oil demand as having already peaked in developed countries that are part of the OECD, while it will continue to grow in developing countries.

“Demand projections show a contrasting picture between the two major regions: declining long-term OECD demand and growing demand in the NON-OECD,” said the report.

“In this regard, India, China and other developing countries (DCS) with increasing populations and high economic growth play a key role in increasing energy demand while developed nations in the OECD are exerting more of their efforts on energy efficiency and low-carbon technologies,” it added.

China and India are expected to account for half of that energy demand growth.