OPEC foresees sustained increase in oil demand until 2045

OPEC foresees that the demand for crude oil will be sustained until 2045, as long as investment in new projects is maintained to respond to these energy needs.

“Our reference scenario foresees that oil demand will reach 116 million barrels per day (mb/d) in 2045, about 6 mb/d more than a previous estimate for 2022 (109.8 mb/d), and with potential to be even greater.” This was stated by the Kuwaiti Haitham Al Ghais, Secretary General of OPEC.

The organization’s projections are based on current scenarios in the world, where a progressively greater energy need is noted.

The way to satisfy this demand for crude oil is to maintain production, avoiding the mistake of paralyzing investments in new projects that help provide immediate responses at a global level.

It is estimated that non-OECD countries will mainly “drive oil demand in the coming decades, with India leading the way, while it will decline in the organization’s member countries.”

According to OPEC, until 2045 there will be an increase in oil demand of 16.5% compared to 2022 figures (99.6 mb/d). This would represent an increase of “106.1 mb/d in 2025, 112 in 2030, before increasing more moderately from 2035, rising from 114.4 mb/d to 116 mb/d in 2045.”

M.Pino

Source: swissinfo

(Reference image source: Unsplash, in collaboration with Getty Images)

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