Yemisi Izuora

The Organization of Petroleum Exporting Countries, OPEC, in its annual World Oil Outlook published Tuesday says renewables are projected to record the fastest growth but their share of total energy supply is still anticipated to remain below 5.5 percent by 2040.

The 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 2035-2040, adding that fossil fuels will remain the main energy source decades from now.