Oil demand to stabilize after 2035 — OPEC

The oil demand in the transport sector will remain stable within the range of 46-46.5 mln barrels daily until 2045

© Yegor Aleyev/TASS

MOSCOW, September 28. /TASS/. The global oil demand will recover and reach 104.4 mln barrels daily during five coming years but oil consumption rates will start slowing down as early as after 2026 on account of developed economies. The demand will stop growing and stabilize after 2035, the Organization of Petroleum Exporting Countries (OPEC) says in its World Oil Outlook (WOO) released today.

The oil demand will grow by 13.8 mln barrels per day in 2019-2026, OPEC says. Years of 2021-2023 will account for the lion’s share of such acceleration (80%), when the world will be making up for consumption after lengthy lockdowns, the report says. The oil demand in general will grow by 17.6 mln barrels per day within the period by 2045 against the 2020 base, from 90.6 mln barrels daily to 108.2 mln barrels per day.

Oil demand dynamics in different countries will be different and even mixed on the back of de-carbonization of economies, OPEC says. Developing economies will only support consumption growth now, the report says.

Oil demand in tranport sector

According to World Oil Outlook, the global automobile fleet will grow almost twofold to 2.6 bln by 2045 but the share of electric transport will increase to 20% as its part.

The fleet of electric vehicles will climb to 500 mln by 2045, OPEC reports.

The long-term growth of oil demand will be limited by increasingly greater penetration of electric transport in the life of consumers, OPEC experts say. The oil demand in the transport sector will therefore remain stable within the range of 46-46.5 mln barrels daily until 2045, the Organization says.

Automobiles with internal combustion engines will still hold the large share of 76%, largely supported by the demand on the side of developing economies.

Internet Explorer Channel Network
News Related

OTHER NEWS

Mamata Banerjee unhappy over delay in disbursement of students' credit cards

Mamata Banerjee is pitted against BJP’s Priyanka Tibrewal and CPI(M)’s Srijib Biswas in Bhabanipur. West Bengal Chief Minister Mamata Banerjee is unhappy over students not getting credit cards as announced ... Read more »

Petrol, diesel prices stay unchanged at record highs for the second day

Petrol and diesel prices differ from state to state depending on the incidence of local taxes. (Representative image) Petrol and diesel prices remained unchanged for the second consecutive day on ... Read more »

Hot Stocks | 'Can bet on Blue Star, Orient Electric and Godrej Industries for double-digit return in short term'

Nifty broke the four-day losing streak on October 25 where it recovered more than one fifty points from the intraday low to end the day with the gains of ten ... Read more »

S. Korea, Chile to hold 6th round of talks on amending FTA

SEOUL, Oct. 26 (Yonhap) — South Korea and Chile will hold their sixth round of negotiations this week on updating their bilateral free trade agreement (FTA) that went into effect ... Read more »

Facebook content moderators frequently guided by political motivations, newspaper says

According to the WSJ, due to concerns over possible accusations of prejudice, the social network’s leadership allowed conservative sources to publish unverified information as well as offensive content Read more »

Buffett-backed EV maker BYD gets approval from Hong Kong bourse for semiconductor unit spinoff in Shenzhen

BYD, the Warren Buffett-backed Chinese battery and carmaker, said it has received approval from the Hong Kong stock exchange for the proposed spin off of its semiconductor unit in mainland ... Read more »

Axis Bank Q2 Preview | Profit growth may be sharp on lower provisions, slippages key to monitor

Axis Bank Private sector lender Axis Bank on October 26 is likely to show significant growth in profitability for the September 2021 quarter with an expected fall in provisions and ... Read more »

Daily Voice | We're into a multi-year bull run, says Santosh Joseph of Germinate Investor Services

Santosh Joseph, Founder and Managing Partners at Germinate Investor Services LLP, believes India is into a multi-year bull run with occasional breaks. “We will grow for many more years, but ... Read more »

Thai PM cautions against crypto investments upon learning youth are getting involved

Chan-o-cha noted that cryptocurrencies have no supporting fundamentals, and they are highly speculative and very volatile. Thailand’s prime minister Prayut Chan-o-cha warned investors about cryptocurrencies’ volatility and high speculativity upon ... Read more »

Joe Biden imposing new international travel vaccine rules, lifting restrictions

Joe Biden addressing UN General Assembly (Image: Twitter/@ANI) US President Joe Biden on Monday signed an order imposing new vaccine requirements for most foreign national air travelers and lifting severe ... Read more »

Cipla Q2 Results Preview: Topline likely to increase 4%, bottomline 6%, say experts

As pharma major Cipla Limited gets ready to declare its numbers for the second quarter today, experts estimate a 3-4 percent growth in the topline over the last year because. Brisk business in the domestic and US formulations space for ... Read more »

CapitaLand China Trust net property income surges 81.1% for first 9 months

SINGAPORE (THE BUSINESS TIMES) – CapitaLand China Trust (CLCT) saw an 81.1 per cent year-on-year rise in net property income (NPI) for the first nine months of 2021 to 903.4 ... Read more »

(2nd LD) S. Korea to cut fuel taxes by record 20 pct amid soaring oil prices

(ATTN: UPDATES throughout with details; RECASTS headline; ADDS photo) By Joo Kyung-don and Kim Soo-yeon SEOUL, Oct. 26 (Yonhap) — South Korea plans to temporarily cut fuel taxes by a ... Read more »

(LEAD) S. Korea's economy grows estimated 0.3 pct on-quarter in Q3

(ATTN: RECASTS first 3 paras; ADDS more info from 4th para, photo) SEOUL, Oct. 26 (Yonhap) — South Korea’s economy is estimated to have grown at a slower pace in ... Read more »

Keppel Reit distributable income for first 9 months up 20.8%

SINGAPORE (THE BUSINESS TIMES) – Keppel Reit said its distributable income from operations for the first 9 months of 2021 rose 20.8 per cent year-on-year at $159.9 million. The manager ... Read more »

Tesla tops $1tn in market value as Hertz deal fuels latest surge

Leading analysts at Morgan Stanley upped their target on Tesla to $1,200 from $894, pointing to the company’s “extraordinary” revenue in the last quarter despite supply chain problems. NEW YORK: ... Read more »

Long Covid ‘is a very debilitating condition with serious cognitive conditions,' says researcher behind new study

The author of a new study discussed the damaging impacts for “long Covid” patients, people whose symptoms last months after initially becoming infected. “Our work and the work of others ... Read more »

More sales and profit for Facebook despite scandals

In the third quarter of this year, Facebook achieved a turnover of 29.01 billion dollars, or 24.99 billion euros. That is 35 percent more than the same quarter a year ... Read more »

Crown given 2 years to clean up or lose its Melbourne casino

Crown could be stripped of its permit after two years unless it satisfies the government that it has sufficiently changed. SYDNEY (BLOOMBERG) – Crown Resorts has been given two years ... Read more »

Facebook won't become objective venue, some users to have privileges, Russian senator says

Alexei Pushkov added that the entire company consists of contradictions and double standards Read more »

Facebook to survive current scandal but not declining interest among young users - experts

Social media consultant Matt Navarra noted that The Facebook Files and insights from whistleblower Frances Haugen herself at best show Facebook as being lost and confused Read more »

BN(O) emigrants: freedom and better work-life balance see Hong Kong family relocate, buy property in the UK

For Elise Kong and Ming Wong, the freedom offered under the British National (Overseas) visa scheme was the clincher that made them decide to sell their home in Hong Kong ... Read more »

(LEAD) Gov't to temporarily cut fuel taxes by 20 pct: ruling party

(ATTN: CHANGES headline, lead; UPDATES throughout; ADDS photo) By Joo Kyung-don SEOUL, Oct. 26 (Yonhap) — The government will temporarily cut fuel taxes by 20 percent starting next month to ... Read more »

Korea's economy grows estimated 0.3% on-quarter in Q3

gettyimagesbank South Korea’s economy is estimated to have grown 0.3 percent on-quarter in the third quarter, central bank data showed Tuesday, raising worries it will not be able to achieve ... Read more »

South Korea economic growth slows as Covid-19 curbs crimp spending

SEOUL (BLOOMBERG) – South Korea’s economic expansion cooled last quarter as a renewed Covid-19 outbreak prompted authorities to impose their toughest social distancing restrictions to date. Gross domestic product gained ... Read more »

Truffles take over the menu at NYC restaurants

Chef Michele Casadei Massari holding about $3,000 worth of truffles at his restaurant Lucciola in Manhattan. Stephen Yang It’s truffle season — and prices for the prized tubers have gotten ... Read more »

6 Types of Identity Thefts That Are Impacting the Digital Market

https://pixabay.com/illustrations/hacker-hacking-cyber-security-hack-1944688/ Cyberattacks that lead to identity theft have increased by 45% in 2020, on the backdrop of the COVID-19 pandemic. According to the Federal Trade Commission (FTC), US citizens reported ... Read more »

Tesla blockbuster deal with Hertz paves way to take EVs mainstream

Analysts say Tesla could have the capacity to build 1.5 million EVs next year. SOUTHFIELD, MICHIGAN (BLOOMBERG) – Hertz Global Holdings’ US$4.2 billion (S$5.66 billion) deal with Tesla is about ... Read more »

Russian crypto association slams govt for lack of action in regulating sector

According to Racib, governmental actions are still “half-hearted” and not aimed at finding a systematic solution for state policy in digital assets. The Russian Association of Cryptoeconomics, Artificial Intelligence, and ... Read more »

SK Hynix Q3 net profit up 205.7 pct. to 3.31 tln won

SEOUL, Oct. 26 (Yonhap) — SK Hynix Inc. on Tuesday reported its third-quarter net income of 3.31 trillion won (US$2.8 billion), up 205.7 percent from a year earlier. The company ... Read more »

Gov't considering temporarily lowering fuel taxes, tariffs on LNG: finance minister

SEOUL, Oct. 26 (Yonhap) — The government is considering temporarily lowering fuel taxes amid soaring oil prices, Finance Minister Hong Nam-ki said Tuesday, as it seeks to cope with inflation ... Read more »

Investors turn Hong Kong hotel assets into co-living space on higher occupancy, profit appeal

Co-living projects are delivering higher occupancy and profits for property owners, underpinning efforts to acquire and convert hotels as the hospitality industry continues to suffer from tough Covid-19 measures, according ... Read more »

Paris Hilton lists some of her NFTs on Sotheby's metaverse

Hilton developed her first NFT in March 2020 and has since won the “Best Charity NFT” at the NFT Awards ceremony.  Socialite Paris Hilton has introduced a few of her ... Read more »

Beijing presses McDonald's to support digital yuan in time for Winter Olympics

Beijing wants McDonald’s to get more of its restaurants to support China’s digital yuan. China is pressing the fast-food retail chain McDonald’s, Visa, and Nike to support the digital yuan ... Read more »

Tesla zooms past US$1 trillion market cap on bet that the EV future is now

Tesla shares closed up 12.7% at US$1,024.86. NEW YORK (REUTERS, BLOOMBERG) – Tesla surpassed US$1 trillion (S$1.35 trillion)  in market value after landing its biggest-ever order from Hertz, a deal that ... Read more »

S. Korea's economy grows estimated 0.3 pct on-quarter in Q3

SEOUL, Oct. 26 (Yonhap) — South Korea’s economy is estimated to have grown 0.3 percent on-quarter in the third quarter, central bank data showed Tuesday, raising worries it will not ... Read more »

Women hosts earn US$70 billion on Airbnb

During the last year, hundreds of studies have proven that women from low to middle-income countries have disproportionately suffered from the pandemic. However, it seems women are changing the narrative ... Read more »

(URGENT) South Korea's economy grows 0.3 pct on-quarter in Q3: BOK

(END) Read more »

Conceiving safer payments After many consumers were recently defrauded, experts say users must accept heightened security methods when paying online, write Suchit Leesa-Nguansuk and Somruedi Banchongduang

A person shows several rapid cash withdrawals, each of 34.15 baht, that appeared in her bank passbook when it was updated. Photo from the ‘Sharing Experience on Unaware Cash Withdrawals’ ... Read more »

5G to be core of digital infrastructure investments

Post-pandemic infrastructure investments will include 5G expansion, telemedicine solutions and big data analytics, according to Turnkey Communication Services (TKC), a provider of telecom and ICT (information and communications technology) solutions ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic