OPEC: Oil consumption will continue to increase

Martin Linge fieldPhoto: Jan Arne Wold / Equinor / NTB

Oil demand will continue to increase until 2045, despite attempts to cut climate emissions, the Organization of the Petroleum Exporting Countries (OPEC) predicts.

In the World Oil Outlook report, the outlook for 2045 is somewhat downgraded compared with OPEC’s forecasts last year.

However, the organization still envisages that oil demand will increase to 108.2 million barrels per day. Compared to 2019 – the year before the corona pandemic – that would be an increase of 8.2 million barrels per day.

The International Energy Agency (IEA) concluded earlier this year that oil demand should fall in the coming decades if the world is to achieve its climate goals.

OPEC believes that climate measures, renewable energy, and electric cars will lead to lower oil demand in rich countries. But they expect demand to increase in other parts of the world.

The organization points out that the world economy is expected to grow strongly and that there will probably be 1.7 billion more people by 2045. Thus, the demand for energy is expected to grow by 28%.

Although there will be more renewable energy, natural gas, and nuclear power in the future, OPEC believes that oil consumption will also increase.

Source: © NTB Scanpix / #Norway Today / #NorwayTodayNews

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