In its annual outlook presented on Monday, OPEC increased its projections for the medium- and long-term global oil consumption and stated that $12.1 trillion in investments will be required to meet this demand despite the energy transition.&nbsp;

According to the Organization of the Petroleum Exporting Countries' 2022 World Oil Outlook, oil demand will plateau before 2030 due to the growth of renewable energy sources and electric vehicles, in contradiction to other analysts' predictions.&nbsp;

The 13 members of OPEC, who depend on oil revenue, would benefit from another decade of rising oil consumption. The group contends that investors' attention to economic, social, and governance (ESG) issues has made the investment shortfall&nbsp;worse and that oil should be a part of the energy revolution.

"The overall investment number for the oil sector is $12.1 trillion out to 2045," OPEC Secretary General Haitham Al Ghais wrote in the foreword to the report, which said the figure was up from last year's estimate. &nbsp; &nbsp;

"However, chronic underinvestment into the global oil industry in recent years, due to industry downturns, the COVID-19 pandemic, as well as policies centred on ending financing in fossil fuel projects, is a major cause of concern." &nbsp; &nbsp;

Also &nbsp;Read:&nbsp;<a href="https://www.wionews.com/world/italys-new-right-wing-government-cracks-down-on-illegal-rave-parties-530039">Italy's new right-wing government cracks down on illegal rave parties</a>

When the epidemic affected demand in 2020, OPEC changed its tune and predicted that consumption would finally slow after years of expecting constant growth. The OPEC study upheld its belief that beyond 2035, global consumption will level.&nbsp;

Other forecasts from businesses and banks indicate an earlier peak in oil demand.&nbsp;

For the first time in its history of modelling, the International Energy Agency stated on Thursday that demand for all fossil fuels was about to peak, with oil consumption levelling off in the middle of the next decade.

(with inputs from agencies)

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In its annual outlook presented on Monday, OPEC increased its projections for the medium- and long-term global oil consumption and stated that $12.1 trillion in investments will be required to meet this demand despite the energy transition.

In its annual outlook presented on Monday, OPEC increased its projections for the medium- and long-term global oil consumption and stated that $12.1 trillion in investments will be required to meet this demand despite the energy transition. According to the Organization of the Petroleum Exporting Countries' 2022 World Oil Outlook, oil demand will plateau before 2030 due to the growth of renewable energy sources and electric vehicles, in contradiction to other analysts' predictions. The 13 members of OPEC, who depend on oil revenue, would benefit from another decade of rising oil consumption. The group contends that investors' attention to economic, social, and governance (ESG) issues has made the investment shortfall worse and that oil should be a part of the energy revolution. "The overall investment number for the oil sector is $12.1 trillion out to 2045," OPEC Secretary General Haitham Al Ghais wrote in the foreword to the report, which said the figure was up from last year's estimate. "However, chronic underinvestment into the global oil industry in recent years, due to industry downturns, the COVID-19 pandemic, as well as policies centred on ending financing in fossil fuel projects, is a major cause of concern." Also Read: Italy's new right-wing government cracks down on illegal rave parties When the epidemic affected demand in 2020, OPEC changed its tune and predicted that consumption would finally slow after years of expecting constant growth. The OPEC study upheld its belief that beyond 2035, global consumption will level. Other forecasts from businesses and banks indicate an earlier peak in oil demand. For the first time in its history of modelling, the International Energy Agency stated on Thursday that demand for all fossil fuels was about to peak, with oil consumption levelling off in the middle of the next decade. (with inputs from agencies)

OPEC raises long-term world oil demand forecast despite energy transition

As the war against Ukraine continues,&nbsp;President Joe Biden announced on Tuesday that his administration is banning Russian oil imports.

The US president said the decision to ban Russian&nbsp;oil&nbsp;imports was done "in close consultation"&nbsp;with allies.

<a href="https://www.wionews.com/world/just-how-crucial-is-russian-gas-for-west-in-spite-of-its-invasion-of-ukraine-460314">Also Read:&nbsp;Just how crucial is Russian gas for West, in spite of its invasion of Ukraine</a>

Russia reportedly accounts for less than ten per cent of US imports of oil and petroleum products, however, the US has already been witnessing surging oil prices in the past few days.

"We're banning all imports of Russian&nbsp;oil&nbsp;and&nbsp;gas&nbsp;and energy. That means Russian&nbsp;oil&nbsp;will no longer be acceptable at US ports and the American people will deal another powerful blow to (President Vladimir) Putin," Biden said in a statement from the White House.

"Russia may&nbsp;continue to grind&nbsp;out&nbsp;its&nbsp;advance&nbsp;at a horrible price but this much is already clear -&nbsp;Ukraine will never be a victory for Putin," Biden said, adding,&nbsp;"Putin may be able to take a city, but he'll never be able to hold the country."

Meanwhile, Brent crude futures touched $130 on Tuesday with oil prices surging nearly 30 per cent in the US amid the Russian invasion of Ukraine. Russia is the world's top exporter of crude and oil products with Biden's announcement expected to drive up crude prices.

Watch:&nbsp;Russia threatens Europe's gas supply

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International buyers had earlier begun to shun Russian oil as the US and its allies announced a wave of sanctions due to the high cost of transportation.

On Tuesday, energy giant Shell said it will not be involved in Russian gas and oil and will halt purchase of its crude oil.

<a href="https://www.wionews.com/world/what-alternatives-can-russia-use-as-allies-deploy-financial-nuclear-weapon-460269">Also Read:&nbsp;Here are the alternatives Russia can use as allies deploy 'financial nuclear weapon'</a>

"Shell today announced its intent to withdraw from its involvement in all Russian hydrocarbons, including crude oil, petroleum products, gas and liquefied natural gas in a phased manner, aligned with new (UK) government guidance," Shell said.

"As an immediate first step, the company will stop all spot purchases of Russian crude oil," it added while announcing that it was also stopping service stations, aviation fuel and lubricants operations in Russia.

(With inputs from Agencies)

As the war against Ukraine continues, President Joe Biden announced on Tuesday that his administration is banning Russian oil imports. The US president said the decision to ban Russian oil imports was done "in close consultation" with allies.

As the war against Ukraine continues, President Joe Biden announced on Tuesday that his administration is banning Russian oil imports. The US president said the decision to ban Russian oil imports was done "in close consultation" with allies. Also Read: Just how crucial is Russian gas for West, in spite of its invasion of Ukraine Russia reportedly accounts for less than ten per cent of US imports of oil and petroleum products, however, the US has already been witnessing surging oil prices in the past few days. "We're banning all imports of Russian oil and gas and energy. That means Russian oil will no longer be acceptable at US ports and the American people will deal another powerful blow to (President Vladimir) Putin," Biden said in a statement from the White House. "Russia may continue to grind out its advance at a horrible price but this much is already clear - Ukraine will never be a victory for Putin," Biden said, adding, "Putin may be able to take a city, but he'll never be able to hold the country." Meanwhile, Brent crude futures touched $130 on Tuesday with oil prices surging nearly 30 per cent in the US amid the Russian invasion of Ukraine. Russia is the world's top exporter of crude and oil products with Biden's announcement expected to drive up crude prices. Watch: Russia threatens Europe's gas supply International buyers had earlier begun to shun Russian oil as the US and its allies announced a wave of sanctions due to the high cost of transportation. On Tuesday, energy giant Shell said it will not be involved in Russian gas and oil and will halt purchase of its crude oil. Also Read: Here are the alternatives Russia can use as allies deploy 'financial nuclear weapon' "Shell today announced its intent to withdraw from its involvement in all Russian hydrocarbons, including crude oil, petroleum products, gas and liquefied natural gas in a phased manner, aligned with new (UK) government guidance," Shell said. "As an immediate first step, the company will stop all spot purchases of Russian crude oil," it added while announcing that it was also stopping service stations, aviation fuel and lubricants operations in Russia. (With inputs from Agencies)

President Biden bans Russian oil imports

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OPEC raises long-term world oil demand forecast despite energy transition

President Biden bans Russian oil imports