OPEC expected to stick to view of long-term global oil demand rise

OPEC is likely to maintain its view world oil demand will rise for another decade, longer than many other forecasters predict, in a forthcoming major report, despite the growing role of renewables and electric cars, two OPEC sources said.

The Organization of the Petroleum Exporting Countries is scheduled to update its long-term oil demand forecasts in its 2022 World Oil Outlook on Oct. 31. The 2021 version sees oil demand reaching a plateau after 2035.

Another decade or more of oil demand growth would be a boost for producers and OPEC, whose 13 members depend on oil income, and would justify continued investment in new supplies. Consumers and governments urging efforts to curb oil use to combat climate change would be less happy.