OPEC: Oil will be world's No. 1 energy source for decades

The OPEC cartel is laying out the future of oil _ and saying crude will still be the world's leading source of energy for decades to come

FRANKFURT, Germany -- As the world's nations prepare to gather for another climate summit next month in Glasgow, the OPEC oil cartel is reminding that, in their view, crude will continue to be the leading source of energy for decades, especially as the world's less-wealthy countries seek higher growth and standards of living.

OPEC says that 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.

But the energy needs of expanding economies in other parts of world will still leave oil as the world's No. 1 source of energy through 2045, OPEC said Tuesday in its annual World Oil Outlook.

The long-term report comes against the background of sharply higher oil and gas prices. Brent crude touched over $80 per barrel on Tuesday, a three-year high, while the U.S. oil benchmark rose to $75.92, also a three-year high. Hurricane Ida slammed into a critical port that serves as the primary support hub for the Gulf of Mexico’s deepwater offshore oil and gas industry in the U.S.