OPEC doesn’t expect global demand for oil to peak before 2040, the cartel said Tuesday, though it predicted long-term demand growth would soon slow. The Organization of the Petroleum Exporting Countries’ forecast lends the cartel’s voice to a debate in the oil industry over how soon demand for crude oil will decelerate. For decades, petroleum consumption has grown almost every year, but big-oil companies and industry experts are planning for when crude demand begins to decline thanks to gains in efficiency, electric vehicles and government regulations.
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Written by Christopher Alessi at The Wall Street Journal