Daily Energy Report
OPEC long-term energy forecast, Saudi gas reserves, Europe’s Russian energy, EU to block China hydrogen, FTC meddling, Pemex failing, Port of LA battery fire, Harris flips on EVs, and more.
Chart of the Day: No Peak in Oil Demand in OPEC’s Outlook
Summary
Figure (1) compares the world’s energy demand in 2023 to the OPEC forecast for 2050 in terms of percentages. As we will show below, percentages do not tell the whole story. But here is the most interesting conclusion: After spending TRILLIONS of dollars on solar and wind, their share is not predicted to reach even 14% by 2050! The share of 14% is solar, wind, and all others.