The figure, published in the World Oil Outlook 2022 report, represents an increase of 2.7 million barrels per day compared to this year and 1.4 million compared to the 2021 forecast.
The upward revision reflects a stronger recovery in 2022 and 2023 and a ‘strong focus on energy security issues’, leading to a slower substitution of oil for other fuels such as natural gas, the price of which has soared due to to the Russian invasion of Ukraine, expanded
The association also raised its long-term demand forecasts. In the case of forecasts for 2027, the figure increased by almost two million bpd by the end of the period compared to last year.
Meanwhile, by 2030, OPEC forecasts that global demand will average 108.3 million bpd, and by 2045, it will grow to 109.8 million bpd, compared to 108.2 million bpd in 2021.
Based on figures shared Monday, the organization maintains its view that global demand will stabilize after 2035.
These projections contrast with other forecasts that see oil demand reaching a plateau before 2030, due to the rise in renewable energy and electric cars.
In this context, the Secretary General of OPEC, Haitham Al Ghais said that ‘the global figure for investment in the oil sector is 12.1 billion dollars until 2045’.
However, the chronic underinvestment in the global oil industry in recent years, due to industry downturns, the Covid-19 pandemic, as well as policies focused on ending funding for fossil fuel projects, it is a major cause for concern,’ he warned.
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