Paris, France (AFP) – OPEC said Tuesday that phasing out oil was a “fantasy”, as the Saudi-led cartel forecast that demand would keep growing until at least 2050, a key year in the battle against climate change.

“There is no peak oil demand on the horizon,” OPEC Secretary General Haitham Al Ghais said in the group’s annual World Oil Outlook, which puts demand at 120.1 million barrels per day in 2050, a 17.5 percent increase from 2023.

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Researchers analyzed sediment core samples collected by D/V JOIDES Resolution near Cape Town, South Africa. Their findings uncovered details about the changes in deep ocean temperature and salinity, as well as the mixing histories of waters originating in both the northern and southern hemispheres. Credit: Sophie Hines | ©Woods Hole Oceanographic Institution
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