OPEC forecasts continued rise in oil demand until 2045

The Organization of the Petroleum Exporting Countries (OPEC) estimates that global oil demand will continue to increase at least until 2045, according to the 2023 edition of its report on the outlook for global oil demand, published Monday October 9 . “Our baseline scenario sees oil demand reaching 116 million barrels per day by 2045, about 6 million barrels per day more” than in the previous estimate, specified the secretary general of the cartel, the Kuwaiti Haitham Al Ghais.

“What is clear is that the world will continue to need more energy in the decades to come.”

Haitham Al Ghais, Secretary General of OPEC

in the report

The organization forecasts a 16.5% increase in oil demand by 2045 compared to 2022 (99.6 mb/d).

Demand will decline from 2025 in the OECD

Demand in the coming decades will be driven by non-OECD countries, with India as the main driver. On the other hand, it will decline from 2025 in the OECD zone, according to OPEC. The organization’s forecasts are based on a reference scenario which is based on “a realistic approach to overall energy demand and oil demand”.

OPEC estimates that“there is no single solution to meet the global growth in energy needs”at a time when solar electricity and the electrification of cars are experiencing considerable growth. “Calls to stop investment in new projects are misguided and could lead to energy and economic chaos”Judge Haitham Al Ghais.