OPEC has increased its long-term oil demand outlook, increasing its 2045 forecast by 6 million barrels per day.
OPEC has raised significantly its long-term oil demand outlook and now expects global oil demand at around 116 million barrels per day bpd in 2045, up by 6 million bpd compared to the previous assessment from last year, as energy consumption continues to grow and will need all forms of energy. In the annual World Oil Outlook released on Monday, OPEC expects global oil demand to increase by more than 16 million bpd between 2022 and 2045, rising from 99.
6 million bpd, OPEC said. “In this year’s WOO, global energy demand is seen expanding by 23% in the period to 2045, or on average by around 3 million barrels of oil equivalent a day every year,” OPEC Secretary General Haitham Al Ghais wrote in a foreword to the report. “Recent developments have led the OPEC team to reassess just what each energy can deliver, with a focus on pragmatic and realistic options and solutions.
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