OPEC forecasts global oil demand to rise 28% by 2045

The Organization of the Petroleum Exporting Countries (OPEC) expects global oil demand to increase 28% from 2020 to 2045, despite international efforts to reduce reliance on fossil fuel and shift to renewable energy.

In a report issued today, Sept. 28, the organization said global oil use will recover from COVID-19 repercussions, exceeding 2019 levels to reach 101.6 million barrels per day (bpd) by 2023, and then will continue growth to stabilize a little after 2035.

Global demand for crude oil is expected to reach 106.6 million bpd in 2030, down 600,000 bpd from previous estimates, and to hit 107.9 million bpd by 2035.

OPEC forecasts global demand for crude oil to reach 108.2 million bpd by 2045, which is lower than the previous estimates of 900,000 bpd, but higher than last year's figure of 90.6 million bpd in 2020.

It stated that there are still significant concerns about whether all the ambitious commitments to mitigating climate change will be met in the proposed timeframe.

Although renewable energy is the fastest growing compared to other energy sources, it is expected to constitute only 10% of the world's needs by 2045.

According to the report, demand for OPEC supplies of crude oil and condensate will increase from 30.7 million bpd in 2020 to 42.7 million bpd in 2045.