Oil demand is likely to grow until 2035 before it hits a plateau shortly after, according to the latest report of the Organization of Petroleum Exporting Countries (OPEC).
- Consumption is expected to hit over 100 million barrels a day in 2023 and continue to grow to 107.9 million barrels a day in 2035, little changed from the 2020 report.
- The prediction takes into consideration that the upcoming COP26 conference will end in a shift from fossil fuels.
- The report also predicts that OPEC’s combined supplies will grow to 42.7 million in 2045, versus the 30.7 million barrels a day in 2020.
- The share of world oil markets will grow to 39% by then from 33%, but OPEC did not give predictions on crude production.
- American tight oil output is expected to average 14.8 million barrels a day in 2026, versus 11.5 million barrels last year.