OPEC sees global oil demand rising to 110 mln bpd by 2045

OPEC Secretary General Haitham Al Ghais

The Organization of the Petroleum Exporting Countries (OPEC) expects global oil demand to rise to 110 million barrels per day (bpd) by 2045 and oil to account for nearly 29% of the energy mix by then.

"The world cannot do without oil in the foreseeable future," OPEC Secretary General Haitham Al Ghais said in his speech at the Energy Asia Conference held in Kuala Lumpur.

He expects global oil demand to rise 23% by 2045 compared with the current levels.

The lack of investment in the oil industry will only lead to a challenge to the feasibility of the current energy systems, and to chaos in the field of energy, Al Ghais noted.