Opec sees the ongoing energy crisis delaying the energy transition and consolidating a dominant role for oil in the global energy mix. The organization’s flagship 2022 World Oil Outlook (WOO) upgraded global liquids demand throughout its forecast period to 2045 by more than 1.5mn b/d.
The WOO now assesses that global liquids demand will rise from last year’s Covid-hit 96.9mn b/d to a massive 108.3mn b/d by 2030, with growth then slowing down to average 109.8mn b/d in 2045 (see chart 1&2). This is not too dissimilar to the projections of the IEA in its recently released World Energy Outlook (WEO). (CONTINUED - 917 WORDS)
