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Sep 24, 2024 · In the long term, global oil demand is expected to increase by almost 18 mb/d, rising from 102.2 mb/d in 2023 to 120.1 mb/d in 2050. While non-OECD demand is projected to increase by 28 mb/d between 2023 and 2050, OECD demand is set to witness a decline.
Oct 9, 2023 · In its 2023 World Oil Outlook, OPEC said it expects global demand to reach 116 million barrels per day (bpd) by 2045, up from 99.6 million bpd in 2022 and roughly 6 million more bpd than...
Global energy demand in this year’s WOO is set to expand by 24% in the period to 2050, driven by significant expansion in the non-OECD region. The Outlook sees the need for an expansion in all energy sources, with the exception of coal. For oil alone, we see demand reaching over 120 million barrels a day by 2050, with the potential for it to ...
OPEC launches WOO 2024 and sees global oil demand at over 120 mb/d in 2050 The 2024 OPEC World Oil Outlook (WOO) was launched today at the ROG.E conference in Rio de Janeiro, Brazil. First published in 2007, and now in its 18th edition, the Organization’s flagship annual publication offers a detailed review and assessment of the medium- and long-term prospects for the global oil and energy ...
Oil demand in 2023 is expected to be supported by a still solid economic performance in major consuming countries, as well as improved geopolitical developments and containment of COVID-19 in China.
For 2023, the forecast for world oil demand growth remain broadly unchanged at 2.3 mb/d. s China, Latin America, and the Middle East have been revised up slightly, while OECD Europe, Other Asia and Africa have been adjusted slightly lower.
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Non-OECD countries are set to lead this growth, expanding at an annual rate of 3.7%, while OECD nations experience more modest annual growth at 1.6%. As a result, in absolute terms the global economy is expected to more than double in size from $165 trillion in 2023 to $358 trillion in 2050.
