Given the election is dominating much of the movement in markets today, and given the timely release of OPEC’s World Oil Outlook, today’s post digs into some of the longer-term trends emerging in the oil market. Hark, here are six things to consider: 1) OPEC’s World Oil Outlook (WOO) is a comprehensive 428-page (!) outlook on the global oil market. Publishing a long-term outlook puts you on a hiding to nothing (you’re never gonna be right), but OPEC is quick to highlight the goal of this publication is to promote discussion, and not predict the future . That said, we can place a big more weight on their nearer-term projections in this report. In terms of demand, the cartel projects it will increase from 93 million bpd last year to 99 million bpd by 2021, reaching 109 million bpd by 2040. Developing nations will lead demand growth […]