OPEC expects oil demand growth

Organization of Petroleum Exporting Countries (OPEC) sees no sign of global oil demand receding, rather, it expects it to rise to at least 120 million per barrel (mb/d) by 2050, according to its World Oil Outlook. OPEC also revised its estimate of global oil demand in 2045 to 118.9 million b/d, a 2.5percent upward revision on its 2023 estimate.

It forecasts demand growth to be driven by Asia, the Middle East and Africa, where it expects demand to rise by 22 million b/d between 2023 and 2050. OPEC’s long-term optimism contrasts with recent downward revisions to 2024 and 2025 demand growth forecasts.

It said Sept. 10 that global oil demand would grow by 2 million b/d in 2024-80,000 b/d less than the organization had forecast in August.

The Joint Ministerial Monitoring Committee, which oversees the OPEC+ crude production agreement, would meet Oct. 2 to discuss oil markets and production policy. Near-term forecasts for global demand would play a crucial role in its strategy up to the end of 2024 and through 2025.

For 2025, it expects demand to rise a further 1.7 million b/d-a 40,000 b/d downward revision on its previous estimate. Non-OPEC+ supply will peak at 59 million b/d in the early 2030s, according to OPEC projections, and then decline to 57.3 million b/d by 2050.OPEC also said that the industry would require a cumulative $17.4 trillion investment in upstream and downstream projects to meet the demand in 2050.

OPEC expects oil demand growth - The Nation Newspaper (thenationonlineng.net)