Energy News Today

OPEC reduces long-term forecast for oil demand growth

The world has significantly changed its attitude toward fossil fuels since the Organization of Petroleum Exporting Countries imposed an embargo against the United States for its decision to resupply the Israeli military during the 1973 Arab-Israeli War.

This embargo acutely strained a U.S. economy that had grown increasingly dependent on foreign oil. Because OPEC also cut production, oil quadrupled in price from $3 to  $12 per barrel. 

During the 20th century, oil was the preferred energy source, the lifeblood of industrial and consumer life. Securing oil was a national priority. The deleterious impact of burning fossil fuels on the environment did not receive significant attention until the 1980s.

The world has made a 180-degree turn. Finding enough storage space in 2020 became a priority because the coronavirus-related lockdowns wiped out around a third of global oil demand. 

Read More: OPEC reduces long-term forecast for oil demand growth

2020-10-12 14:25:56

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