The picture shows the OPEC logo at OPEC headquarters on October 4, 2022. In October last year, the oil cartel announced its decision to cut output by 2 million barrels per day.
Joe Kramar | AFP | Getty Images
KUALA LUMPUR – Global oil demand will rise to 110 million barrels a day in about 20 years, OPEC said on Monday, driving a 23 percent increase in global energy demand.
“Oil is irreplaceable for the foreseeable future. OPEC Secretary-General Haytham Al Ghaith said in a speech at the inaugural Asian Energy Conference in the Malaysian capital Kuala Lumpur.
“In our global outlook, we expect global oil demand to increase to 110 million barrels per day by 2045,” he said, adding that oil would still account for about 29% of the energy mix by then.
“We expect global energy demand to grow by 23% by 2045,” Al Ghais said.
The forecast contradicts the IEA forecast that annual demand growth will fall from 2.4 million bpd in 2023 to 400,000 bpd in 2028.
Two weeks ago, the IEA projected that global oil demand would rise 6% from 2022 to 105.7 million bpd in 2028, driven by petrochemicals and aviation.
The OPEC secretary-general added that underinvestment in the oil industry would only challenge the viability of the current energy system and lead to “energy chaos”.