OPEC Says the Thirst for Oil Will Lead to 100 Million Barrels a Day by 2020
It wasn't all that long ago when fears started growing that the world was about to hit a peak in oil supply, which would lead to a devastating spike in prices. However, the shale boom seems to have quashed those fears for the time being, after U.S. producers unleashed a gusher of new supplies. Output rose so fast that oil piled up in storage, causing crude prices to crash in recent years.
Now a new peak fear has started taking root in the market, which is that demand could hit its pinnacle as early as the next decade because of the rise in electric cars. While that's certainly possible, it's not a near-term concern for oil producers, since global oil demand is red-hot right now. Further, OPEC and others don't expect a peak anytime soon. In fact, the oil-producing group sees demand topping 100 million barrels per day by 2020.
Image source: Getty Images.
Source: Fool.com
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