The oil producer group, OPEC, has raised the medium- and long-term forecasts for global oil demand. According to them, the crude sector would require $14 trillion in investments if it is to meet the increase in demand. This is despite the rapid expansion of renewable energy technologies. OPEC’s forecasts contrast with those of the International Energy Agency (IEA). OPEC has reacted critically to the IEA’s forecast of peak fossil fuel demand.
Future projections for the energy industry made by the IEA include:
- The world will soon near the end of the fossil fuel era
- Demand for coal, oil and gas will reach their peak before 2030
- Post that, fossil fuel consumption is then predicted to fall as climate policies take effect
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