oil demand

    • OPEC+ ups its 2022 global oil demand forecast

      OPEC+ ups its 2022 global oil demand forecast

      The expanded organisation of oil exporting countries OPEC+ announced it revised upwards its forecast for the global demand and consumption in 2022. The projected higher demand is coupled with falling inventories and rising prices, Reuters elaborated. OPEC+ is under intense pressure by US to increase its oil output.

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    • EU could run out of oil in a decade

      EU could run out of oil in a decade

      The world could reach “peak oil” sooner than expected and that may be a problem for Europe. The moment global oil production reaches its highest point was expected to be around 2030, but Norwegian researchers from the Rystad Energy consultancy say it could occur in 2027 or 2028. As a result, the EU could suffer an oil shortage within a decade, with supply drying up faster than the demand for fossil fuels, according to climate think tank The Shift Project.

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