OPEC Updates 2050 Oil Demand Growth Estimate
Date
9/25/2024 3:09:01 AM
(MENAFN- Trend News Agency)
BAKU, Azerbaijan, September 25. The
Organization of the petroleum Exporting Countries (OPEC) has
revised its global oil demand growth forecast, now projecting an
increase of 17.5 percent by 2050, reaching 120.1 million barrels
per day (bpd) compared to current levels, Trend
reports.
As a result of this adjustment, the primary driver of this
growth is projected to be India, where oil demand could rise 2.5
times.
OPEC estimates that by 2050, India's oil consumption will grow
from the current 5.3 million bpd to 13.3 million bpd.
India is among the fastest-growing major economies in the
world.
Traditional leaders such as China are also expected to see
increases in demand, with an anticipated rise of 15 percent by
2050, bringing consumption to 18.9 million bpd.
"Demand for oil in the Middle East and Africa will gradually
grow. By 2050, it will increase by 8.8 million and 21.9 million
bpd,” OPEC noted.
In contrast, Europe is expected to experience a decline in oil
demand, which will decrease by 4.2 million bpd (from the current
13.4 million bpd to 9.2 million bpd).
This decline is attributed to the European Union's significant
transition to green energy.
Notably, India has emerged as the world's most active buyer of
liquefied natural gas (LNG) this year, surpassing traditional
market leaders South Korea and Japan.
In July, India increased its LNG purchases by 57 percent
compared to the previous year, reaching a record 2.78 million tons,
marking the highest figure in the country's trade statistics.
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