The Organization of the Petroleum Exporting Countries (Opec) anticipates an increase in world oil demand until 2035, thanks to the push of African countries, India and other Asian countries, to feed transport and the expansion of their middle classes, according to the entity’s annual report published this Monday, October 31.
Global demand stood at 96.9 million barrels per day (mbd) in 2021, according to estimates, and is expected to rise to 109.5 mbd by 2035.
From that date, and for a decade, demand will stabilize at 109.8 mbd, estimates the OPEC annual report.
“The demand of the countries of the Organization for Economic Cooperation and Development (OECD) presents a declining trajectory after 2024, and will fall to 34 mbd“Towards the year 2045, compared to the demand of 2021, which reached 44.8 mbd, indicate the authors of the report.
On the contrary, “long-term demand from non-OECD countries will increase by 24 mbd” in that period, “thanks to an expanding middle class, strong population growth, and advancing economic growth potential“, adds the report.
Energy policies and technological advances will help oil stability.
“Therefore, world oil demand is expected to increase by 12.9 mbd, reaching 109.8 mbd in 2045“, concludes the annual report.
The document foresees a long period of stability from 2035, thanks to the “energy policies and technological advances” likely to favor a diversification of the energy mix.
AFP
