OPEC is confident of ongoing demand for oil
According to the Organization of Petroleum Exporting Countries (OPEC), global oil demand will continue to rise until 2045, with the majority of this increase occurring in the current decade.
The International Energy Agency’s annual report on the outlook for global oil, says that demand is expected to rise 17.6 million barrels per day between 2020 and 2045, reaching 108.2 million barrels per day by that time.
The Agence France-Presse assumes that this increase is slightly lower than the Vienna-based cartel’s expectations from last year.
When compared to 2018, the increase appears to be less substantial; that is, before the “Covid 19” problem and the demand slump that occurred last year.
“Demand for energy and oil has returned considerably in 2021, following the considerable decrease recorded in 2020,” said the cartel’s Secretary-General, Muhammad Barkindo, in his introduction to the report. The spread is anticipated to remain for the foreseeable future.”
According to the organization, the growth will be apparent in poor nations, but it will begin to decline in the affluent countries of the Organization for Economic Cooperation and Development starting in 2023.
Globally, demand is projected to increase rapidly in the early years before decreasing and stabilizing after 2035.
Following 100 million barrels per day in 2019, and 90.6 million barrels per day last year during the crisis, demand is expected to rise to 103.6 million barrels per day in 2025, 106.6 million barrels per day in 2030, 107 million barrels per day in 2035, and it is expected to rise to 103.6 million barrels per day in 2035, and it is expected to rise to 103.6 million barrels per day in 2035.
