OPEC said that global electricity demand will continue to grow over the next few decades, but other energy sources are also essential. The current “electrification of everything” discussions overlook the interdependence between electricity and oil. Electrification requires extensive equipment, cables, and charging facilities, and relies on petroleum and petrochemical products for manufacturing, transportation, and maintenance.

OPEC said that global electricity demand will continue to grow over the next few decades, but other energy sources are also essential. The current “electrification of everything” discussions overlook the interdependence between electricity and oil. Electrification requires extensive equipment, cables, and charging facilities, and relies on petroleum and petrochemical products for manufacturing, transportation, and maintenance.