OPEC’s biennial seminar for ministers and senior industry execs in Vienna just came to a close. Here are the biggest takeaways:
OPEC ministers called for a “dual-pronged approach” to the energy transition that couples fossil fuel investments—particularly in developing economies and heavy industrial sectors—with increased renewable energy deployment.
OPEC forecasts global oil demand to clock in at 123 million barrels per day in 2050, a 19% increase from today.
Bloomberg, the New York Times, Reuters, the Wall Street Journal, and the Financial Times were all barred from the event without explanation. Bloomberg's take on why? “This year’s seminar comes as the group fights to maintain control of the oil market narrative at a time when Wall Street is almost unanimously pessimistic about the prospects for oil prices in the second half of the year.”