OPEC: Global demand for oil will grow until 2035

In its annual report, the Organization of the Petroleum Exporting Countries “OPEC” noted that global demand for oil will grow until 2035 at the expense of developing countries, mainly to provide transport and petrochemicals.

The OPEC report estimates that “although global demand was estimated at 96.9 million bpd in 2021, it will rise to 109.5 million bpd by 2035, when it will stabilize at 109 over the next decade. 8 million barrels per day. “.

The report states that “OECD demand has been declining since 2024 and will fall to 34 Mb/d” through 2045 (compared to 44.8 Mb/d in 2021) , i.e. decrease by 11 million barrels. in a day.

While the report explains that “long-term demand from non-OECD countries should increase by 24 million barrels per day” during this period, “driven by an expanding middle class, strong demographic growth and economic growth opportunity. “

As a result, global oil demand is expected to rise by 12.9 million bpd to reach 109.8 million bpd in 2045.

Oil-exporting countries are betting on a fairly long period from 2035 due to “energy policies and technological developments” that could increase energy diversification in the future.

Source: AFP