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The coronavirus crisis may have triggered the long-anticipated tipping point in oil demand and it is focusing minds in OPEC. The pandemic drove down daily crude consumption by as much as a third earlier this year, at a time when the rise of electric vehicles and a shift to renewable energy sources were already prompting downward revisions in forecasts for long-term oil demand. It has prompted some officials in the Organization of the Petroleum Exporting Countries, oil's most powerful proponent
Continue reading End game for oil? OPEC prepares for an age of dwindling demand
End game for oil? OPEC prepares for an age of dwindling demand originally appeared on Autoblog on Sun, 2 Aug 2020 16:09:00 EDT. Please see our terms for use of feeds.
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