Oil will be the world’s number one energy source for decades – Opec

The world’s less-wealthy countries will bolster oil by seeking higher growth and standards of living, the report said (AP Photo/Eric Gay, File)

As nations prepare to gather for the Cop26 climate summit in Glasgow, the Opec oil cartel has issued a reminder that crude will continue to be the world’s leading source of energy for decades – especially as less-wealthy countries seek higher growth and improved standards of living.

Opec said more electric vehicles on the road and the push for alternative and renewable energy will indeed usher in an era of declining demand for oil in rich countries.