Global oil demand will climb to 110 million barrels per day in about 20 years, causing the world’s energy needs to increase by 23%, according to OPEC on Monday.
Haitham Al Ghais, Secretary General of the Organisation of the Petroleum Exporting Countries said ″Oil is irreplaceable for the foreseeable future,” while talking to the inaugural Energy Asia conference held in Kuala Lumpur, the Malaysian capital.
“In our worldwide outlook, we see global oil demand rising to 110 million barrels a day by 2045,” he said, noting that oil will still make up roughly 29% of the energy mix by then.
“We see global energy demand increasing by 23% through 2045,” mentioned Al Ghais.
The prediction goes against the International Energy Agency’s projection of annual demand growth narrowing down from 2.4 million barrels a day in 2023 to 400,000 barrels a day in 2028.
The IEA predicted two weeks ago that the petrochemical and aviation sectors will drive a 6% increase in global oil demand from 2022 to 105.7 million barrels per day in 2028.
According to the secretary general of OPEC, continuing to underinvest in the oil sector will only put the viability of the current energy systems in jeopardy and cause “energy chaos.”
