OPEC says oil and gas will remain world's main energy source

By The Associated Press
OPEC has trimmed its forecast for growth in world consumption of crude over the coming decades, but says oil and gas will remain the globe's main sources of energy.

 

 

 

VIENNA (AP) — OPEC has trimmed its forecast for growth in world consumption of crude over the coming decades, but says oil and gas will remain the globe's main sources of energy.

The forecast is contained in the Organization of the Petroleum Exporting Countries' 2016 world outlook.

The 14-nation cartel says total world oil demand will be 109 million barrels a day by 2040. That's 400,000 barrels a day less than its last annual estimate but still a daily 16 million barrels more than at present.

Its report Tuesday says that oil and gas will provide around 53 percent of world energy demand by that time.

The report was issued ahead of an OPEC oil ministers' meeting Nov. 30, focused on slightly reducing output to drive up prices.

 

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Selection, Use, Care and Maintenance of FR Clothing

For industries operating in an inherently dangerous environment, the importance of selecting the ...

Evolution or Revolution: IT / OT convergence means a world of possibilities

The oil and gas industry is experiencing a rapid paradigm shift in regards to digital transformat...

Predict, Prescribe, Profit: Creating a World that Doesn't Break Down

What are you doing to reduce unplanned downtime at your plant? Equipment breakdowns and process i...

A Traders Guide to Analysis and Research

An e-book dedicated to helping you improve your analysis by looking at RBOB futures performance. ...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs