Oil demand will grow by 25 million barrels per day in the developing world through 2045, according to OPEC's chief.
OPEC sees oil demand growing by 25 million barrels per day in the developing world through 2045, with China and India alone contributing 10 million bpd.
OPEC Secretary General Haitham Al Ghais said oil demand will grow by 25 million barrels per day in the developing world through 2045, with China and India alone contributing 10 million bpd, as billions of people need access to basic services such as electricity, cooking gas and transportation. OPEC's predictions of future demand stand in stark contrast to the International Energy Agency, whose membership is primarily developed economies in North America, Europe and Northeast Asia.in the coming years as production increases while demand slows and ultimately peaks by the end of the decade. Oil supply capacity will rise to 114 million per day by 2030, 8 million barrels more than global demand, according to the IEA.
OPEC's Al Ghais rejected those predictions as "dangerous, especially for consumers and could lead to unprecedented volatility." "I see no evidence of this imminent peak demand," McNally said on "Last Call." "Efficiency gains in cars aren't rising fast enough and EVs can't come fast enough."Deutsche Bank and Citi, however, see OPEC coming under pressure in the coming years. OPEC+ announced plan to roll as much as 2.5 million barrels per day of oil back onto the market from October through September 2025.
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