BNO - OPEC sees global oil demand growing 23% by 2045 - report
2023-06-26 04:53:21 ET
The Organization of the Petroleum Exporting Countries (OPEC) has projected that global oil demand will increase 23% to 110 million barrels per day by 2045, according to a CNBC report.
This is contrasts the International Energy Agency's forecast that global oil demand growth will slow almost to a halt in the next few years, as the transition to clean energy sources ramps up.
OPEC believes oil will still comprise about 29% of the world's energy mix by 2045, the organization's Secretary General Haitham Al Ghais said at the Energy Asia conference in Malaysia.
Al Ghais raised concerns about the underinvestment in the oil industry, saying this could jeopardize existing energy systems' viability and result in "energy chaos".
He acknowledged that renewable power will play a greater role in the world's energy mix going forward, but stressed that "oil remains an integral part of the mix", the report said.
OPEC maintained its forecast for 2023 global oil demand growth of 2.3M bbl/day this year, according to its latest monthly oil market report .
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OPEC sees global oil demand growing 23% by 2045 - report