BAKU, Azerbaijan, October 10. Oil demand in the OECD Europe is expected to decrease by 3.7 mb/d from 13.5 mb/d in 2022 to 9.8 mb/d in 2045, Trend reports.
According to OPEC's estimations, throughout 2025, the region's oil demand is projected to remain stable at the current level of 13.5 mb/d, slightly decreasing to 13.1 mb/d in 2030.
The next major drop is forecast to happen by 2035, with oil demand standing at 12 mb/d (down by 1.5 mb/d from 2022 levels).
By 2040, the European oil demand is expected to stand at 10.8 mb/d (down by 2.7 mb/d, compared to 2022).
Commenting on the overall demand drop in the OECD, OPEC notes that Europe, by far, is subjected to the largest decline in demand, adding that "the main factors leading to this demand drop, include the expanding penetration of EVs into the passenger fleet, policy driven oil displacement from industry and residential sectors, as well as technology driven efficiency improvements".
Meanwhile, global oil demand is expected to rise by 15.4 mboe/d by 2045, reaching a total of 106.1 mboe/d. primary oil demand is forecasted to increase from 90.7 mboe/d in 2022 to 102 mboe/d in 2030 and further to 106.1 mboe/d in 2045, marking a total increase of 15.4 mboe/d.