Renewable energy will play an increasingly important role in meeting the world's growing energy needs. "Customers will continue to redefine mobility and convenience, underpinned by the mobility revolution that is already underway combining electric vehicles, shared mobility and autonomy. "Oil and gas -- while remaining needed for decades -- will be increasingly challenged as society shifts away from its reliance on fossil fuels. "Risks remain elevated and skewed to the downside, particularly in relation to the development of Covid-19 infection cases and potential vaccines," the oil cartel noted.OPEC cut its August estimate by 400,000 barrels per day (bpd), which means it now expects global demand to fall by 9.5 million bpd to 90.2 million mbpd this year. "So far, oil demand in India, Indonesia , Thailand, and the Philippines (has) performed far poorer than initially expected," the report said.A similar cut was applied to OPEC's forecast for 2021, though the cartel nonetheless sees demand growing next year by 6.6 mbpd to 96.9 million.

Source: Economic Times September 15, 2020 02:59 UTC