OPEC Projects Oil Demand to Keep Growing Until 2035

OPEC sees oil demand continuing to grow to the middle of next decade, even as world leaders prepare for another attempt to avert catastrophic climate change.
Global fuel consumption will fully recover from its pandemic slump by 2023 and will keep growing until it hits a plateau shortly after 2035, OPEC said in its latest long-term report, Bloomberg reported.
The forecasts suggest scant expectation that the 2021 United Nations Climate Change Conference, aka COP26, to be held in Glasgow, Scotland, in just over four weeks will culminate in a quick pivot from fossil fuels.
“There are still considerable doubts as to whether all these ambitious climate-mitigation commitments will be met in the proposed timeframe,” the organization’s Vienna-based secretariat said. 
The group’s members include the biggest Middle East crude producers.
Global oil demand suffered an unprecedented slump last year, as travel and economic activity were curbed by efforts to battle the coronavirus. OPEC forecasts that consumption will rebound above 100 million barrels a day in 2023, and continue to advance to 107.9 million a day in 2035.