OPEC predicts 16.5% rise in global oil demand by 2045
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E-mail Xinhua, October 10, 2023
Photo taken on Oct. 5, 2022 shows the headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria. [Photo/Xinhua]
The Organization of the Petroleum Exporting Countries (OPEC) on Monday predicted a 16.5 percent increase in global oil demand from 2022 to 2045.
In its 2023 World Oil Outlook report, the group said it expects global crude demand to rise from 99.6 million barrels per day (bpd) in 2022 to 116 million bpd in 2045.
The growth will be mainly driven by emerging and developing nations and regions, including India, China, Africa and the Middle East.
OPEC Secretary General Haitham Al Ghais said in the foreword to the annual report that the forecast of 116 million bpd of global oil demand in 2045 is "around six million bpd higher" than the estimate in last year's report, "with the potential to be even higher."
"What is clear is that the world will continue to need more energy in the decades to come as populations expand, economies grow, and given the pressing need to bring modern energy services to those who continue to go without," Al Ghais said.
The OPEC chief added that the oil sector would need investments of 14 trillion U.S. dollars by 2045, or about 610 billion U.S. dollars per year, to meet the growing global energy demand.
The OPEC report also predicted oil to remain the biggest energy source in the global energy mix, although its share will drop slightly from 31.2 percent in 2022 to 29.5 percent in 2045.
The report forecast the share of renewable energies, including wind, solar, geothermal and tidal energy, to surge from 2.7 percent in 2022 to 11.7 percent in 2045 on the back of "strong policy support in many regions."
