Commodities

Expect oil and gas to dominate global energy basket up to 2045: OPEC

Our Bureau New Delhi | Updated on October 26, 2020 Published on October 26, 2020

OPEC Secretary-General Mohammad Sanusi Barkindo   -  Reuters

Oil and gas are expected to dominate the global energy basket up to 2045 according to the Organization of the Petroleum Exporting Countries (OPEC).

Speaking at the India Energy Forum by CERAWeek, OPEC Secretary-General Mohammad Sanusi Barkindo, said, “It is very clear to us that the fundamentals are looking upwards. They’re looking positive. Demand will continue to grow, not only for energy, but for oil and gas as well. Right up to 2045 we postulate that oil and gas put together will continue to dominate the energy basket. Oil, for example, will be in the region of 28 per cent up to 2045. We do not see this peaking of demand, but we see a deceleration of the growth rate of demand.”

Commenting on the crude oil and gas demand recovery in the current year in the light of the continuing Covid-19 pandemic, Barkindo said, “We do not expect a relapse to the massive contraction that we saw in the second quarter. We remain cautiously optimistic that the recovery will continue. It may be longer, maybe at lower levels, but we are determined to stay the course.”

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Published on October 26, 2020
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