OPEC hikes long-term oil demand outlook as its war of words with the IEA over peak oil demand continues.
OPEC and the IEA, both big names in the energy industry, are currently locked in a war of words over peak oil demand.
OPEC's forecasts contrast starkly with those of the IEA, which said last month that the world was now at the"beginning of the end" of the fossil fuel era.The oil producer group said the crude sector would require a whopping $14 trillion in investment if it is to meet this upswing, even amid a rapid expansion of renewable energy technologies.
OPEC made clear that there's potential for this jump to be even higher, too. The growth is likely to be fueled by India, China, other Asian countries, Africa, and the Middle East. "Recent developments have led the OPEC team to reassess just what each energy can deliver, with a focus on pragmatic and realistic options and solutions," OPEC Secretary General Haitham al-Ghais said in a foreword to the report.
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