Oil demand has not yet peaked, opec says

Last Thursday (8), the Organization of The Petroleum Exporting Countries (OPEC), said in a report that global demand for oil will not reach its peak before 2040, in a more optimistic view for the oil market than other forecasts, such as British Petroleum (BP), which said in September that demand had already reached its peak. According to OPEC, demand in 2040 will be approximately 10% higher than in 2019, reaching 109.3 million barrels per day (bpd). Gas demand would continue to increase until 2045.

According to OPEC, after 2045 utilization rates will fall to about 75%, down from 80% in 2019. More than $1.5 trillion will be spent on refinery, replacement and maintenance by then.

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