OPEC: Oil to remain number one fuel in global energy balance

Oil will retain the biggest share in the global energy balance until at least 2045, the forecast for the demand for crude oil for this period has been increased by 1.6 million barrels per day, Report informs referring to the annual OPEC World Oil Outlook.

Oil is expected to remain the number one fuel in the global energy balance, and its share will decline from 31% to just under 29%. Despite slowing demand growth, oil will retain the largest share of the global energy balance over the entire forecast period (until 2045). The total share of oil and gas is expected to remain above 50%, the document says.

Thus, the share of oil, according to the organization’s expectations, will decrease from 30.9% in 2021 to 28.7% in 2045. This is higher than last year’s forecast, when the share of oil in the global energy balance in 2045 was forecast at 28.1%.