Vienna-Sana
An annual forecast report released today showed that OPEC raised its expectations for global demand for oil in the medium and longer term, noting that investments amounting to 12.1 trillion dollars are required until 2045 to meet this demand despite efforts to shift to clean energy sources.
According to the report, according to Reuters, "global demand for oil will reach 103 million barrels per day during 2023, an increase of 2.7 million from 2022."
Total demand in 2023 rose by 1.4 million barrels per day from last year's expectations, and OPEC raised its expectations for demand in the medium term until 2027 by about two million barrels per day compared to expectations issued last year.
Opec's view of its world oil forecast for 2022 contrasts with the view of analysts and other institutions who expect that demand for oil will reach its peak before 2030 due to the growing reliance on renewable energy and electric cars.
The growth in demand for oil over the next ten years will be a boost for OPEC, whose 13 member states depend for its income on oil, and the group clings to its position that oil must be part of the energy transition process, and that the focus of investors on economic, social issues and good governance has led to Exacerbation of the lack of investment in the sector.
OPEC changed its outlook in 2020 when the coronavirus pandemic hit demand, saying it would eventually slow down after years of expecting consumption to continually increase.
In the report, OPEC maintained its view that global oil demand would not stabilize until after 2035.
She stated that the upward adjustment reflects a stronger recovery in demand during the current and next years and a greater focus on energy security issues, which has led to a slowdown in the process of replacing oil with other types of fuel, such as natural gas, whose price has risen due to the repercussions of the Ukrainian crisis.
OPEC expects global demand to average 108.3 million barrels per day by 2030, and 1.9.8 million barrels per day in 2045, compared to 108.2 million barrels per day in 2021.
The report expects continued supply constraints in the medium term, with lower OPEC production in 2027 than 2022 and growth in non-OPEC supply, and oil is expected to remain the number one fuel in the global energy mix.
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