Experts: the oil era is over

This year crisis has cast doubt on the prospects for 'black gold' demand.

Reuters interviewed seven OPEC-linked officials (who asked not to be named).  According to one of the experts, all market participants admit a scenario in which energy consumption will not return to its previous level.

Up to the forecasts, oil demand will peak and then begin to decline. In 2019, the world consumed 99.7 million barrels per day. OPEC predicted growth to 101 million barrels in 2020, but due to the crisis, this figure fell to 91 million barrels. The forecast for 2030 decreased from 118 to 108.3 million barrels per day.

“The increase in the number of electric vehicles and the transition to renewable energy sources have already forced to revise long-term forecasts downward. All key market players admit that consumption will never fully recover” - the agency reports.

Experts believe that the crisis could end the oil era.

Now the price of Brent crude is hovering at $ 43.7 per barrel. The price is up $ 1.50 since the beginning of the week.