In its annual report on world oil prospects until 2050, the Organization of the Petroleum Exporting Countries (OPEC) announced the extension of its forecasts for crude oil demand in the medium and long term.

The organization foresees an increase in consumption, “led by India, Africa and the Middle East,” which will boost demand for crude oil worldwide.

In the report entitled “World Oil Outlook 2024,” released on Tuesday, September 24 in Brazil, OPEC believes that “demand will grow for longer than other analyses, such as BP and the International Energy Agency (IEA), which consider that crude consumption will peak this decade.”

According to the projections, global oil demand would reach 118.9 million bpd in 2045; about 2.9 million bpd more than expected in the 2023 report.

But there is more. The OPEC report “extends its horizon to 2050 and foresees demand reaching 120.1 million bpd by then.” For its part, “BP expects oil consumption to peak in 2025 and fall to 75 million bpd in 2050. Exxon Mobil expects demand to remain above 100 million bpd until 2050, a level similar to the current one.”

M.Pino

Source: finanzasdigital

(Reference image source: Getty Images for Unsplash)

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