The Organization of the Petroleum Exporting Countries (OPEC) has upped its oil demand forecast for the medium-to-long term, citing Indian, African and the Middle East development – despite recently revising down its forecast for global oil demand growth.
The oil body, in its 2024 World Oil Outlook published on Tuesday, also cited the slowing adoption of electric vehicles as a reason for the new higher forecast.
“Future energy demand is found in the developing world due to increasing populations, middle class and urbanisation,” said OPEC secretary-general Haitham Al Ghais, as reported by several US news services.
He added, while speaking at the report's launch in Brazil, that there is “no peak oil demand on the horizon [and] over the past year, there has been further recognition that the world can only phase in new energy sources at scale when they are genuinely ready".
The oil body also said it also expects growing resistance to clean energy targets.
It expects world oil demand to reach 118.9mbbl/d by 2045, around 2.9mbbl/d higher than expected in last year's report. The report also indicated that by 2025, it expects demand to hit just over 120mbbl/d.
Earlier in September, the organisation pushed down its forecast for global oil demand growth, based on this year’s data.
The reduced outlook emphasised the ongoing challenge faced by the broader OPEC+ grouping, which includes allies such as Russia, in balancing the market.
