OPEC’s World Oil Outlook projects 12% demand rise by 2040 Fossil fuel bans would exacerbate energy poverty, OPEC says Renewables growing, but oil and gas to remain dominant fuels Vienna — Ever since OPEC landed itself in the crosshairs of climate change activists earlier this year, the oil producer’s group has amped up its defense, staking its claim as a crucial provider of affordable energy, especially for the developing world. To bolster its case, the organization on Tuesday released its latest annual World Oil Outlook, forecasting that global oil producers would need to pump 12% more oil in 2040 from current levels to meet expected demand of 110.6 million b/d. Though renewables will gain market share, oil will still retain the largest share of the energy mix by 2040, accounting for more than 28% — down from 31% in 2018 — with gas not far behind at 25%, […]