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OPEC hikes long-term oil demand outlook — in stark contrast to other predictions of peak crude
OPEC on Monday raised its medium- and long-term forecasts for global oil demand. 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’s long-term forecast for global oil demand diverges from that of the International Energy Agency, the world’s leading energy watchdog. OPEC and the IEA, both big names in the energy industry, are currently locked in a war of words over peak oil demand. In its 2023 World Oil Outlook, OPEC said it expects global demand to reach 116 million ... (full story)