“OPEC”: Oil remains the number one source of energy for decades

The Organization of the Petroleum Exporting Countries (OPEC) has reminded that crude oil will remain the main source of energy for decades, especially in light of the less wealthy countries in the world seeking to achieve higher living standards and growth, at a time when the countries of the world are preparing to hold another climate summit in Glasgow next month.

OPEC noted that the presence of more electric cars on the roads, along with pressures to provide alternative and renewable energy, are all factors that will lead to an era of diminishing demand for oil in rich countries.

In addition, “OPEC” said in its annual report on the prospects of world oil that the energy needs of the expanding economies in other parts of the world still affirm that oil is the number one source of energy until 2045.

The report comes in light of a sharp rise in oil and natural gas prices. The price of Brent crude reached more than $80 a barrel on Tuesday, its highest level in three years, while the US oil benchmark rose to $75.92, also its highest level in three years.

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