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(OPEC) expects global demand for oil to increase to 116 million barrels per day in 2045

09-10-2023

The Organization of Petroleum Exporting Countries (OPEC) expected today, Monday, that global demand for oil will rise to 116 million barrels per day during the year 2045. This came during the organization’s launch of its annual oil outlook report (WOO 2023) from the King Abdullah Petroleum Studies and Research Center (KAPSARC) in the Saudi capital, Riyadh, in the presence of Saudi Energy Minister Prince Abdulaziz bin Salman, KAPSARC President Fahd Al-Ajlan, and OPEC Secretary-General Haitham Al-Ghais. . The organization said in a statement issued by the media department from its headquarters in Vienna that this annual statistical book, which was first published in 2007, provides a detailed review and assessment of the medium and long-term prospects for global oil and energy until the year 2045. He added that the 17th edition of the main publication focused on recent developments related to energy and the economy, especially the changing dynamics around net zero policies, as many residents question the goals and benefits and policymakers reevaluate their approach to energy transition paths and new technologies that are being developed and deployed. The report also stressed the need to provide modern energy services to billions of people who are still deprived of them. For his part, OPEC Secretary-General Haitham Al-Ghais said in his opening speech that the report provides a futuristic view of the data and facts, stressing the necessity of using all available energy sources and all relevant technologies “to address all the challenges facing us, while considering the stability of the energy market the cornerstone of the huge investments required.” He considered that the launch of the report represents the culmination of several months of hard work, calling for the report to be viewed as an insightful reference tool that confirms OPEC's commitment to dialogue, knowledge exchange, and data transparency. Al-Ghais expressed his appreciation and thanks to the head of the King Abdullah Petroleum Studies and Research Center (KAPSARC), Fahd Al-Ajlan, for his support in preparations for this important event by launching the annual OPEC report.