OPEC projects global oil demand will reach 110 million barrels per day within the next 20 years, resulting in a 23% increase in the world’s energy demand, contrary to the IEA’s earlier forecast of a decline in demand growth.
Secretary General Haitham Al Ghais of the Organization of the Petroleum Exporting Countries (OPEC) said at the first Energy Asia conference in Kuala Lumpur, Malaysia, on Monday that the world’s demand for oil is expected to rise to 110 million barrels per day by 2045, and that “oil is irreplaceable for the foreseeable future.”
This outlook runs counter to projections of the International Energy Agency that annual demand growth will slow from 2.4 million barrels per day in 2023 to 400,000 barrels per day in 2028.
According to the IEA’s earlier forecast, global oil demand will rise by 6% from 2022 to 2028, expanding to 105.7 million barrels per day on the backs of the petrochemical and aviation industries.
The secretary general of OPEC further stated that failing to sufficiently finance the oil industry will threaten the stability of existing energy infrastructure and cause “energy chaos.”
Al Ghais anticipated that as the global economy grows, another half a million populations will move to urban areas between now and 2030.
