The growing movement to stop climate change

One development arising from the ongoing COVID-19 pandemic is the huge drop in industrial activity around the world, as factories shut down, millions of cars stayed off the roads, and people stayed home in lockdowns ordered by governments to help stop the spread of the virus.

This year, the Organization of Petroleum Exporting Countries (OPEC) led by Saudi Arabia and other oil-producing nations led by Russia slashed production by 90.7 million barrels per day (BPD), about 10 percent of the global supply.

But with the improving situation, OPEC expects world oil demand to rise in the next few years. It should jump to 97.7 million BPD next year, 2021, OPEC said. It should reach 99.8 million BPD in 2023, and grow to 102.6 million by 2024. World oil demand is expected to plateau in the late 2030s, then begin to decline.