The Organization of the Petroleum Exporting Countries (OPEC) has released its World Oil Outlook (WOO), forecasting robust growth in global oil demand, reaching nearly 123 million barrels per day (mb/d) by 2050.
According to the report, the world will require more energy in the coming decades, with global energy demand expected to increase by 23% by 2050.
The analysis highlights the need for all forms of energy to meet future demands, emphasizing the importance of investments and modern energy services for billions of people currently without access.
OPEC Secretary General, HE Haitham Al Ghais, said that the world requires more energy in the decades to come, and “for this to be available in a secure, stable and realistic manner that the world will continue to need all energies”.
HE Al Ghais also highlighted that the world will continue to need all energies. “It is also a future in which we need to embrace all technologies, to drive innovation and efficiencies, and ensure that all peoples are taken into account, particularly given that it is the non-OECD developing world that will drive future energy growth”.
The WOO report is available on the OPEC website.
Source: https://energynewsafrica.com
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