“In its annual report on long-term energy trends, the Organization of the Petroleum Exporting Countries said it expects global oil demand to grow steadily over the next two decades. By 2045, it predicts its members’ oil will constitute 39% of global crude consumption, up from about 33% now. The group said it expects the Middle East—dominated by OPEC members like Saudi Arabia and the United Arab Emirates—to ship 57% of the world’s crude exports by 2045, up from 48% in 2019.”

-Benoit Faucon and David Hodari, journalists at the Wall Street Journal, reporting on how OPEC is forecasting that it will dramatically boost its influence in the global oil market over the next two decades. [Wall Street Journal]