Global oil demand will rise to 110 million barrels a day by 2045, pushing the world’s energy demand up 23%, according to a new forecast by the Organization of the Petroleum Exporting Countries (OPEC).
The latest forecast from OPEC runs contrary to the International Energy Agency’s (IEA) outlook for annual demand to decline to 400,000 barrels per day in 2028 from 2.4 million barrels a day currently.
OPEC added in its forecast that underinvestment in the oil industry will lead to “energy chaos” in coming years.
The oil cartel bluntly states that the world will need more oil in the future, not less, as half a billion people migrate to cities and the global economy continues to grow.
The World Bank currently forecasts that the global economy’s growth will fall to a 30-year low of 2.2% between now and 2030, down from 2.6% growth registered between 2011 and 2021.
Brent crude oil, the international standard, is currently trading a little over $74 U.S. a barrel.
West Texas Intermediate (WTI) crude oil, the U.S. benchmark, is trading at $69.60 U.S. per barrel, down from a peak of $122 U.S. in June 2022.