OPEC raises long-term oil demand view, calls for over $12 trn investment

OPEC raised its forecasts for world oil demand in the medium-and longer-term in an annual outlook released on Monday and said$12.1 trillion of investment is needed to meet this demanddespite the energy transition.

The view from the Organization of the Petroleum ExportingCountries, in its 2022 World Oil Outlook, contrasts with that ofother forecasters which see oil demand reaching a plateau before2030 due to the rise of renewable energy and electric cars. Another decade of oil demand growth would be a boost forOPEC, whose 13 members depend on oil income. The group has beenarguing that oil should be part of the energy transition and that focus by investors on economic, social and governance(ESG) issues has worsened an investment shortfall.