In OPEC’s monthly World Oil Outlook, the agency forecasts production to grow by 1.7 million barrels per day (BPD) in 2023, to 101.6 million, a rise that will extend to 107.9 million BPD in 2035.
Even though the document acknowledges the rapid growth of renewable energy sources, it estimates that they will account for only 10 percent of global needs in 2045.
Considerable doubts remain as to whether all of those ambitious climate mitigation commitments will be met within the proposed timeframe, the document refers.
In the case of OPEC’s demand of combined crude and condensate supplies will be increasing from about 30.7 million BPD in 2020 to 42.7 million BPD in 2045, representing in the global oil market an advance in share from the current 33 percent to 39 percent in that year.
Other issues of the report are working from home and teleworking, which are a tendency to become a regulation for many companies because of the pandemic.
It also refers to possible future constraints on crude oil demand in the long term due to the increasing penetration of electric vehicles.