{"id":87687,"date":"2021-09-29T15:32:32","date_gmt":"2021-09-29T14:32:32","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=87687"},"modified":"2021-09-29T15:32:32","modified_gmt":"2021-09-29T14:32:32","slug":"opec-oil-will-continue-to-be-leading-energy-source-for-decades","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2021\/09\/29\/opec-oil-will-continue-to-be-leading-energy-source-for-decades\/","title":{"rendered":"OPEC: Oil will continue to be leading energy source for decades"},"content":{"rendered":"<p>The Organisation of Petroleum Exporting Countries (OPEC) has stated that crude oil will continue to be the leading source of energy for decades.<\/p>\n<p>Recall that Brent crude, the<span data-preserver-spaces=\"true\"> global oil benchmark, climbed to $80 per barrel on Tuesday &#8211; its highest level since 2018.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Speaking on Tuesday at the presentation of 2021 OPEC World Oil Outlook (WOO), Mohammad Barkindo, the organisation\u2019s secretary-general, said global primary energy demand is expected to increase by 28 percent in the period between 2020 and 2045.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">He said <a href=\"https:\/\/www.withinnigeria.com\/news\/2021\/09\/10\/buhari-names-new-atomic-energy-commission-chairman\/\">energy<\/a> would be needed to power more homes, services, businesses, equipment, among others.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThis will require the use of all forms of energy to support the post-pandemic recovery, the energy transition and address long-term energy needs,\u201d Barkindo said.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">OPEC projected that global oil demand will rise by 17.6 million barrels per day (bpd) in two-and-a-half decades, growing to 108.2 million bpd in 2045 from 90.6 million bpd in 2020.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The oil cartel said that annual oil demand growth will average 2.6 million bpd during the first five years, before slowing to 600,000 bpd from 2025-2030 and then 300,000 bpd from 2030-2035.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">He said that in the outlook, renewables witnessed the largest growth, rising from a global fuel share of around two percent in 2020 to over 10 percent by 2045.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cIt is important to note that OPEC member countries are making significant investment in renewables as they look to diversify their energy mix,\u201d Barkindo said.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cGas sees the second largest growth, driven in part by higher urbanisation rates, industrial demand and its competitiveness over coal in power generation.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cIn fact, all energies are set to witness growth, with the exception of coal. It is oil, however, that retains its number one position in the energy mix. It is still expected to provide 28 per cent of global energy needs by 2045.\u201d<\/span><\/p>\n<div>\n<p><span data-preserver-spaces=\"true\">Barkindo said it was clear that the world would need more energy in the decades to come.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">He also said that the global economy had been estimated to be more than double as the world population was set to expand to 9.5 billion.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Barkindo added that there was huge potential for socio-economic development in terms of expanding access to modern energy services for the billions of people who continue to go without the required development.<\/span><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Organisation of Petroleum Exporting Countries (OPEC) has stated that crude oil will continue to be the leading source of energy for decades. Recall that Brent crude, the global oil benchmark, climbed to $80 per barrel on Tuesday &#8211; its highest level since 2018. Speaking on Tuesday at the presentation of 2021 OPEC World Oil [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":87701,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[16587],"tags":[5766,18871,12711,1883],"class_list":["post-87687","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-crude-oil","tag-global-economy","tag-mohammad-barkindo","tag-opec"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>OPEC: Oil will continue to be leading energy source for decades<\/title>\n<meta name=\"description\" content=\"The Organisation of Petroleum Exporting Countries (OPEC) has stated that crude oil will continue to be the leading source of energy for decades\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/news\/2021\/09\/29\/opec-oil-will-continue-to-be-leading-energy-source-for-decades\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"OPEC: Oil will continue to be leading energy source for decades\" \/>\n<meta property=\"og:description\" content=\"The Organisation of Petroleum Exporting Countries (OPEC) has stated that crude oil will continue to be the leading source of energy for decades. 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