The Organization of Petroleum Exporting Countries, “OPEC,” says global oil demand will grow until 2035, led by developing countries, especially Africa, India and Asian countries.
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OPEC believes global oil demand will grow until 2035
The Organization of Petroleum Exporting Countries, “OPEC”, has confirmed that global oil demand will grow until 2035, led by developing countries, especially Africa, India and other Asian countries, in order to fuel transportation and petrochemicals, according to its annual report released today, Monday.
Global demand in 2021 was estimated at 96.9 million barrels per day, but will rise to 109.5 million barrels per day by 2035, when it will stabilize at 109.8 million barrels per day over the next decade, according to the estimates of this ratio.
The report’s authors say that “demand to OECD countries has been falling since 2024, and has fallen to 34 million barrels per day” in the period up to 2045, compared to 44.8 million barrels per day in 2021. or according to a decline of 11 million barrels Every day.
On the contrary, “long-term demand from non-OECD countries is expected to increase by 24 million barrels a day” during this period, “driven by the expansion of the middle classes, strong population growth and the possibility of economic growth”. according to “OPEC”.
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As a result, global oil demand is expected to increase by 12.9 million barrels per day, to reach 109.8 million barrels per day in 2045.
Oil-exporting countries are betting on a fairly long period starting in 2035, due to “energy policies and technological developments” that could improve the diversification of energy resources in the future.
In this context, UAE Minister of Energy Suhail Al Mazrouei said at the opening of a conference to present this report in Abu Dhabi, that “the transformation continues at a rapid pace, but will require reliable supplies of oil and gas. “
In the first few years, “China will lead growth,” according to the report, indicating that India will take control later, while demand growth in China is expected to slow or even decline slightly in 2040.
Demand will also be supported by Africa and other Asian countries, regions where “economic progress, urbanization, industrialization and the expansion of the automotive industry are faster”.
In addition to road transport and petrochemicals, air transport will be the main driver of increased demand, according to OPEC, which sees demand for all types of energy, fossil or renewable, grow, with the exception of coal.
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