Global oil demand will reach 110 mln bpd by 2045: OPEC

Global oil demand can grow by 13 million barrels per day (bpd) by 2045 compared to the demand in 2021 to 110 mln bpd. according to the long-term forecast of the OPEC World Oil Outlook (WOO), News.Az reports citing TASS. 

However, the overall growth will occur until 2025, and its plateau is predicted from 2035.

According to the outlook, until 2025, the annual growth in oil demand will be about 2.1 mln bpd, between 2025 and 2030 it will slow down to 0.6 mln bpd, and in 2030-2035 - to 0.2 mln bpd.

"Overall growth slows over the projection period, with virtually no increase after 2035, hinting to a relatively long period of plateauing oil demand at the global level," the report says.

In OECD countries, demand for oil will start to decline after 2024, while non-OECD countries will provide demand growth "driven by an expanding middle class, high population growth and stronger economic growth potential."

Non-OECD countries will also provide global energy demand growth, which could be 23% by 2045 compared to 2021.

The report notes that these countries will increase their energy demand by 69 mln bpd by 2045, with India alone accounting for 28% of this growth.

According to OPEC experts, by 2045 renewable energy sources (wind and solar) will become the fastest growing types of energy resources in terms of demand. The demand for them will grow by 31 million bpd. Gas demand may increase by 19 million bpd, and for oil - only by 12 million bpd.


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