OPEC Forecasts Surging Oil Demand and Urgent Investment Needs

OPEC has increased its long-term oil demand forecast to 116 million barrels per day (bpd) in 2045, a 6 million bpd increase from last year. The organization expects global oil demand to rise by 16 million bpd between 2022 and 2045. This contrasts with the International Energy Agency's prediction that demand will peak in the coming decade. OPEC attributes the higher forecast to the continued growth of global energy consumption and the need for all forms of energy. India is expected to be the main driver of growth, adding 6.6 million bpd to oil demand by 2045.