Opec has increased its forecast for long-term global oil demand for the first time in six years, after reassessing the prospects for car ownership in China.
After several years of revising down estimates in the face of anaemic economic growth, the Vienna-based organisation raised its forecast for demand to 108.5m b/d by 2035, up from 107.3m b/d in last year’s report.
Opec’s bullish view flies in the face of claims that the age of oil is over as developed countries embrace fuel efficiency measures and cleaner burning energy sources.
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