Technology will continue to shape the energy industry panorama and trends as a whole, and the oil industry, in particular, according to OPEC’s World Oil Outlook, WOO.

''It can be expected that technological advancements will continue to evolve and change the future energy panorama, the report said, citing example of the current development of renewable energies and the introduction of electric vehicles, EVs, as a replacement for internal combustion engine, ICV, vehicles, saying these are strong signs of trends.

The report, which is one of OPEC’s flagship annual publications, says that highly resistant fibres in conjunction with oil-based resins are already replacing traditional metal-based materials in the case of latest-generation airplanes, to highlight another state-of-the-art development.

''Among the visible long-term global energy policy trends is the increasing penetration of electric vehicles, the tightening of fuel emissions standards, and the desulphurization in the road transportation, marine and aviation sectors," the report said.