NewsOil Sector


Global oil demand is forecast to reach 108.2mb/d by 2045, from a low of 90.6mb/d witnessed in 2020.

OPEC Secretary General Mohammad Sanusi Barkindo Says, the year 2020 saw the largest ever global drop in energy and oil demand, HOWEVER 2021 has witnessed a significant rebound as vaccines were rolled out, lockdowns eased, mobility increased, economies opened up further, and fiscal and infrastructure packages were implemented.

Total primary energy demand is set to expand by a robust 28% in the period to 2045.

All forms of energy will be needed to support the post-pandemic recovery in a sustainable way, balancing the needs of people in relation to their social welfare, the economy and the environment.
renewables’   combining mainly solar, wind and geothermal energy is witnesses the largest growth in both absolute and percentage terms, leading to a share over 10% by 2045. Gas witnesses the second largest increase in absolute terms.

Oil is expected to retain the largest share of the energy mix throughout the outlook period, accounting for just over a 28% share in 2045.

All major fuel types witness growth, with the exception of coal.

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