Oil demand to continue growing for next two decades: OPEC

October 10, 2023 (MLN): Despite increasing initiatives to combat climate change, the Organization of the Petroleum Exporting Countries (OPEC) oil cartel stated on Monday that it expects demand for crude to continue to grow for the next two decades.

In its 2023 annual report, the OPEC forecasts demand for crude to reach 116 million barrels per day (mbd) by 2045 under its main scenario, a 16.5% increase from the 99.4 mbd in 2022, as APP reported.

Oil demand has "the potential to be even higher," said OPEC chief Haitham Al Ghais. "What is clear is that the world will continue to need more energy in the decades to come," he emphasized in the foreword to the report, which comes just eight weeks before the next UN climate conference, COP28, in Dubai.

At the conference, dozens of countries will try to impose the adoption of the objective of an end to the use of fossil fuels like oil, natural gas, and coal.

According to OPEC, oil demand will be driven by emerging and developing nations, with India in pole position. Meanwhile, it sees oil demand in the OECD club of advanced economies declining from 2025.

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