OPEC: Alternative vehicles will curb oil demand in future

# 16:18
8 October 2020

Road transportation will likely remain the largest contributor to the global oil demand in the next 25 years, Organization of the Petroleum Exporting Countries (OPEC) said in its World Oil Outlook 2045 document, but noted that the further growth in the sector will be limited by the advancement of electrical, natural gas and hydrogen-based vehicles, APA reports citing Teletrader.

That is why the "oil demand related to passenger cars" is predicted to "plateau within the next ten years" and "decline during the second part of the forecast period," the outlook read.

Nevertheless, the global oil demand for the road transport sector is predicted to stand at 47 million barrels per day in 2045, as opposed to 44.4 mb/d recorded in 2019, the document unveiled.