OPEC Oil Outlook Report to 2045: The Pandemic Has Caused The Largest Decline in Oil Demand in History

OPEC’s report on oil outlook up to 2045 revealed that the Corona pandemic caused the largest decline in oil demand in history, and that the global economy will shrink by about 4% this year, while the report confirmed that oil will remain the largest component of the energy mix in the world in the long term and that the demand for it will reach about 306 million barrels per day, and that the volume of investment required in the oil sector in the long term will reach 12.6 trillion dollars.

While the report indicated that the momentum of US oil production will decline by 2030. On the other hand, OPEC confirmed in its report that natural gas will be the fastest fossil fuel in terms of demand.