Daily Management Review

OPEC expects growth in global oil demand by mid-century


According to OPEC Secretary General Haitham al-Ghais, the demand for oil will reach 110 million barrels per day by 2045. He predicts a 23% increase in the global demand for energy resources by 2045.

“Oil cannot be replaced for the foreseeable future. By 2045, the world's oil consumption would rise to 110 million barrels per day, according to our prediction,” al-Ghais stated in remarks made at the opening of the Energy Asia energy conference in Kuala Lumpur, the capital of Malaysia (cited by CNBC). He also pointed out that oil will still make up around 29% of the energy balance by that time.

Insufficient funding for the oil and gas sector, according to the OPEC Secretary General, "will jeopardize the viability of existing energy systems and lead to energy chaos."

Haitham al-Ghais stated that renewable energy will be a bigger part of the world's energy mix in the future. He claimed that several OPEC members “have already begun to invest heavily” in the advancement of this industry.

source: reuters.com