OPEC: Global oil demand to rise to 110 million barrels per day by 2045

Global oil demand will rise to 110 million barrels per day by 2045, increasing global energy demand by 23 percent. The Organization of the Petroleum Exporting Countries (OPEC) said this today at the Energy Asia conference. The news website CNBC reported the statement.

„Oil will remain indispensable for the foreseeable future,“ the OPEC secretary general said at the Energy Asia conference in Kuala Lumpur, the Malaysian capital.

„In our World Oil Outlook, we estimate that global oil demand will rise to 110 million barrels per day by 2045,“ he said. He added that oil would still account for around 29 percent of the energy mix at that time.

The forecast contrasts with an estimate by the International Energy Agency (IEA), which expects annual demand growth to slow from 2.4 million barrels per day this year to 400,000 barrels per day in 2028.

Two weeks ago, the IEA estimated that global oil demand would increase by six percent between 2022 and 2028, reaching 105.7 million barrels per day, driven by the petrochemical sector and aviation.