Oil will remain the number one fuel in the world’s primary energy mix, according to OPEC.
The Organization of the Petroleum Exporting Countries (OPEC) raised its forecasts for global oil demand in the medium and long term. Reuters reported this in connection with the organization’s report on Monday, October 31.
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Thus, global oil demand will reach 103 million barrels per day in 2023, which is 2.7 million barrels per day more than in 2022.
OPEC also raised its demand forecast for the medium term to 2027, saying that by the end of the period this figure will increase by almost 2 million barrels per day compared to last year.
Through 2030, OPEC forecasts average global demand at 108.3 million barrels per day and raises its figure for 2045 to 109.8 million barrels.
“Oil is expected to remain the number one fuel in the global primary energy mix,” the report said.
The OPEC report indicates that global demand will stabilize after 2035. Other forecasts from companies and banks see an increase in oil demand earlier.
“Total investment in the oil sector will be $12.1 trillion by 2045,” OPEC Secretary General Haytham al-Ghais wrote in the foreword to the report.
The chronic underfunding of the global oil industry in recent years due to the collapse of the industry, the COVID-19 pandemic, and policies aimed at stopping funding for fossil fuel projects, he said, “is a major cause of concern.”
Earlier, the International Energy Agency announced the first global energy crisis. This is due to problems in LNG markets and reduced oil supply.
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Source: korrespondent
I am Dylan Hudson, a dedicated and experienced journalist in the news industry. I have been working for Buna Times, as an author since 2018. My expertise lies in covering sports sections of the website and providing readers with reliable information on current sporting events.