OPEC Sees Global Oil Demand Growing Until 2035

Global oil demand is expected to continue to grow into the mid-2030s to 108 million barrels per day (bpd), after which it is set to plateau until 2045, OPEC said in its 2021 World Oil Outlook (WOO) on Tuesday.

OPEC’s timeline for peak oil demand in its 2021 outlook is a few years earlier than in last year’s WOO report, which had forecast that global oil demand would grow steadily until the late 2030s, when it would begin to plateau. After the COVID pandemic last year, OPEC for the first time put a timeline to peak oil demand.

In this year’s outlook, OPEC sees oil demand growing “strongly” in the short- and medium-term before demand plateaus in the long term. Renewables other than hydropower and natural gas are set to grow the most between 2035 and 2045, when oil demand is expected to be flat, according to OPEC’s estimates. Renewables and natural gas will continue to play a significant role in the evolving energy mix.

Source: Oil Price