Opec's bullish pronouncement comes as nations prepare to gather for the COP26 climate summit in Glasgow to discuss ways in which the world's population can continue to limit the negative effects of climate change, with the primary goal of limiting temperature rises to 1.5°C above pre-industrial levels.
In its annual 'World Oil Outlook' (WOO) report, Opec acknowledged that increasing the number of electric vehicles on the world's roads and the push for alternative and renewable energy will indeed usher in an era of declining demand for oil in rich countries.
However, the report also noted that the long-term energy needs of expanding economies in other parts of the world will still leave oil as the world’s number one source of energy until at least the year 2045.
The long-term report was released against the background of sharply higher oil and gas prices. The price of Brent crude hit a three-year high of over $80 per barrel yesterday...