Oil is set to remain the fuel with the highest share of the global energy mix until 2045 despite a rise in demand for other energy sources, including gas and renewables, OPEC said in its 2021 World Oil Outlook 2045 published on Tuesday, APA reports citing Teletrader.
According to the report, oil demand is set to grow from 90.6 million barrels per day (mb/d) in 2020 to 108.2 mb/d in 2045. The largest growth in demand is expected in the medium-term as oil demand is expected to reach 104.4 mb/d by 2026.
However, growth is likely to slow in the second part of the forecast period and oil is likely to account for 28% of global energy requirements in 2045, compared to 30% in 2020. Meanwhile, gas demand is projected to surge by 21.6 and account for 23.3% of the global fuel share.