OPEC says growth in global oil demand will steadily lessen from an annual average of 1.3 million barrels a day between 2016 and 2020, to 300,000 barrels a day by 2035 to 2040. But it says fossil fuels will remain the main energy source decades from now.

Read: Slower growth for Canada in 2018

The organization’s annual World Oil Outlook, published today, says renewables are projected to record the fastest growth, but their share of total energy supply is still anticipated to remain below 5.5% by 2040.

The report by the 14-nation OPEC says that the use of fossil fuels — 81% of the global energy mix in 2015 — will decline by 2040. But they will still account then for 74% of all energy used.

Originally published on Advisor.ca
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