Highlights of OPEC's World Oil Outlook

  • Sees world oil demand rising by 1.7 mbpd in 2023 to 101.6 mbpd as world recovers from pandemic
  • Projects global oil demand will plateau after 2030
  • Sees US shale oil output peaking around 2030
  • There is the potential for further volatility and a supply shortfall if necessary oil industry investments are not made
  • Sees 2030 demand at 106.6 vs 107.2mbpd in last year's forecast

This is a view on the longer term. As we can all see from today's energy prices, even the short term is nearly impossible to predict.