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OPEC expects surge in global oil demand

Economy Materials 31 October 2022 17:36 (UTC +04:00)
OPEC expects surge in global oil demand
Maryana Ahmadova
Maryana Ahmadova
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BAKU, Azerbaijan, October 31. Global oil demand is expected to reach almost 107 million barrels per day (mb/d) by 2027, which is an increase of 10 mb/d compared to 2021, Trend reports via the latest World Oil Outlook (WOO) from OPEC.

“The large majority of this demand increase will materialize in the non-OECD region, which will account for 8.6 mb/d of the growth over the medium term. Of this, however, more than 5 mb/d will be realized in the period to 2024,” the report said.

According to WOO, the non-OECD regions will account for 8.6 mb/d of the medium-term growth, at the same time, more than 5 mb/d of this volume will be realized in the period to 2024.

“OECD oil demand is expected to see an increase of 1.4 mb/d by 2027, with the 2.4 mb/d expansion in the period to 2024, offset by a decline of 1 mb/d during the rest of the medium-term,” the report noted.

Meanwhile, global oil demand is projected to rise by about 13 mb/d - from 96.9 mb/d in 2021 to 109.8 mb/d in 2045.

“OECD oil demand is on a declining trajectory after 2024, falling to 34 mb/d by the end of the forecast period. This represents an overall demand decline of almost 11 mb/d between 2021 and 2045. In contrast, long-term non-OECD demand is expected to increase by 24 mb/d, driven by an expanding middle class, high population growth and stronger economic growth potential. Overall growth slows over the projection period, with virtually no increase after 2035, hinting to a relatively long period of plateauing oil demand at the global level. This will be driven by energy policies and technology developments that both play an increasing role in diversifying the future energy mix,” OPEC noted.

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