Warning: getimagesize(https://media.energytimesonline.com/wp-content/uploads/2020/08/logo_n-removebg-preview-300x55.png): failed to open stream: HTTP request failed! HTTP/1.1 404 Not Found in /home/energytimes/public_html/wp-content/plugins/td-cloud-library/shortcodes/header/tdb_header_logo.php on line 792
Saturday, April 10, 2021
Home Uncategorized OPEC Expects Oil Demand Rise

OPEC Expects Oil Demand Rise

Oil demand is projected to increase from nearly 100 million barrels per day (MMbpd) in 2019 to around 109 MMbpd in 2045, according to OPEC’s latest World Oil Outlook (WOO) report.

The 2020 WOO forecasts that oil demand in non-OECD countries will rise by 22.5 MMbpd over the next few decades, from nearly 52 MMbpd in 2019 to 74 MMbpd in 2045. India is expected to be the largest contributor to incremental demand, adding around 6.3 MMbpd between 2019 and 2045. Oil demand in OECD countries is predicted to plateau at around 47 MMbpd during the period 2022-2025 before starting a longer-term decline towards 35 MMbpd by 2045.

Road transportation is expected to continue to dominate the sectoral breakdown of oil demand, but the largest growth is forecasted to come from petrochemicals. Oil demand in the aviation sector is projected to partly recover in 2021 and to continue growing thereafter.

The WOO noted that the outbreak of the Covid-19 pandemic resulted in the sharpest downturn in energy and oil demand in living memory. Assuming that the pandemic is largely contained by next year, oil demand is expected to partly recover in 2021.

“In a year without precedent, we are very proud to bring you this exceptional edition of the WOO with the hope that it enriches the global energy dialogue and inspires closer cooperation,” Mohammad Sanusi Barkindo, the OPEC secretary general, said in an organization statement.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

ETI appoints Fashina as Group Executive, Operations & Technology

Ecobank Transnational Incorporated (ETI), parent company of the Ecobank Group has announced the appointment of Tomisin Fashina as its new Group Executive for Operations...

Shell pays $3.243b to Nigeria’s govt in 2020

Shell, a global leading oil and gas producer on Wednesday published its 2020 Sustainability Report, its Industry Association Climate Review and its annual Payments...

Eni Makes Big Oil Find Offshore Angola

Eni has made a new light oil discovery in Block 15/06, in Angola’s deep offshore. The well has been drilled on the Cuica exploration...

DPR revokes Addax’s oil mining licenses for non-performance

.Re award licenses  to Kaztec and Salvic Consortium The Director Department of Petroleum Resources (DPR), Engr. Sarki Auwalu, has said that DPR revoked three Oil...

Recent Comments