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.
The oil cartel's prediction runs counter to the assessment of the Paris-based International Energy Agency, which sees demand for fossil fuels peaking this decade as the world turns to renewable energy and electric cars.
In the group's annual World Oil Outlook (WOO), OPEC Secretary General Haitham Al Ghais said oil and gas make up well over half of the energy mix today "and are expected to do the same in 2050."
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