End game for oil? OPEC prepares for an age of dwindling demand

End game for oil? OPEC prepares for an age of dwindling demand

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The coronavirus crisis may have triggered the long-anticipated tipping point in oil demand and it is focusing minds in OPEC. The pandemic drove down daily crude consumption by as much as a third earlier this year, at a time when the rise of electric vehicles and a shift to renewable energy sources were already prompting downward revisions in forecasts for long-term oil demand. It has prompted some officials in the Organization of the Petroleum Exporting Countries, oil’s most powerful proponent

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End game for oil? OPEC prepares for an age of dwindling demand originally appeared on Autoblog on Sun, 2 Aug 2020 16:09:00 EDT. Please see our terms for use of feeds.

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