OPEC says global oil demand will rise to 110 million barrels a day in two decades, and the world’s energy demand will increase by 23 percent.
Although tightening messages from global central banks put pressure on energy markets due to recession concerns in the short term, oil cartel OPEC thinks that energy demand will increase in the long run.
OPEC said global oil demand will rise to 110 million barrels per day in about 20 years, increasing the world’s energy demand by 23 percent.
“Oil is indispensable for the foreseeable future,” OPEC Secretary General Haitham Al Ghais said in his speech at the opening of the Energy Asia conference held in Kuala Lumpur, the capital of Malaysia.
“Based on our assessment of the global outlook, we see global oil demand to rise to 110 million barrels per day by 2045,” said Al Ghais, adding that oil will continue to make up about 29 percent of the energy portfolio until then.
Does not match the estimates of the International Energy Agency
This estimate contradicts the International Energy Agency’s (IEA) projections that annual demand growth will fall from 2.4 million bpd in 2023 to 400,000 bpd in 2028.
Two weeks ago, the IEA had predicted that global oil demand would reach 105.7 million barrels per day in 2028, up 6 percent from 2022, with the support of the petrochemical and aerospace industries.
The OPEC Secretary-General added that underinvestment in the oil industry would complicate the viability of existing energy systems and lead to an “energy chaos”.