The Organization of the Petroleum Exporting Countries (OPEC) said Monday that global oil demand will increase by 23% to 110M bbl/day by 2045.
The group said that while that renewable power will play a greater role in the world’s energy mix in the future, “oil will remain an integral part of that mix.”
OPEC also expressed concerns about global underinvestment in the oil industry, which it said could jeopardize existing energy systems’ viability and result in “energy chaos.”
The OPEC prediction contrasts with the International Energy Agency’s forecast earlier this month that global oil demand will taper off in the next few years.
