Coinciding with Rio Oil & Gas, the largest oil and
natural gas fair in Latin America, which runs through Thursday in Rio de
Janeiro, OPEC released its annual World Oil Outlook, for the first time outside
its headquarters in Vienna, reports Xinhua news agency.
The organisation, which brings together
most of the world's largest oil producers, said it sees no signs of a peak in
fossil fuel consumption despite a global race for renewable energy. On the contrary, it predicted that by 2050 oil will
account for a record share of the world's energy matrix. "The release of our outlook
here is a very clear sign of Brazil's importance to the world of energy, not
just for oil, but for global energy," said OPEC Secretary General Haitham
Al Ghais.
Renewable energy will account for 60 per cent of global demand growth, but oil consumption is expected to exceed 120 million
barrels per day in 2050, up 17 million barrels from the current consumption
level, the report said.
According to OPEC, oil and gas will
account for more than half of the energy matrix by 2050, with oil representing
29.3 per cent, the biggest share on record.