OPEC acknowledges ‘peak oil demand’ narrative in unexpected change of view: MEED

OPEC acknowledges ‘peak oil demand’ narrative in unexpected change of view: MEED

The Organisation of Petroleum Exporting Countries (OPEC) finally recognizing that global oil consumption will not continue growing forever is part of a growing chorus of gloom about the long-term outlook for oil, says GlobalData's MEED.Indrajit Sen, Oil & Gas Editor at GlobalData's MEED, comments: “The principle dissenters from this peak oil narrative have been the Middle East's oil producers represented by OPEC - until now. In an unexpected change of view, OPEC has finally recognized that global oil consumption will not continue growing forever.“After years of denying the concept of peak oil, the oil producers group acknowledged the concept of global ‘peak oil demand', predicting that the world's need for oil will cease to grow in the 2040s.”OPEC estimated that global demand