OPEC expects increase in global oil demand by 2028

Demand for oil as a primary fuel is set to reach a level of 110.2 million barrels per day (bpd) in 2028, representing an increase of 10.6 million bpd compared to 2022, according to the World Oil Outlook 2045 by the Organization of the Petroleum Exporting Countries (OPEC), Report informs via foreign media.

According to the report, during the medium term, non-OECD oil demand is expected to increase by a robust 10.1 million bpd, reaching a level of 63.7 million bpd by 2028. OECD demand will also increase by 0.5 million bpd over the medium term.

In the long term, global oil demand is anticipated to increase from 99.6 million bpd in 2022 to 116 million bpd in 2045, with a rise of more than 16 million bpd.

Non-OECD oil demand is expected to increase by almost 26 million bpd between 2022 and 2045, while in contrast, OECD oil demand is set to contract by around 9.3 million bpd.