The Organization of the Petroleum Exporting Countries, OPEC, said that the world will need more than $14 trillion in investments in the oil industry over the coming years until 2045, to maintain the current level of oil production and increase it to keep pace with demand.
This coincides with OPEC raising its expectations for global demand for oil to reach 116 million barrels per day in 2045, up from 99.6 million barrels per day in 2022, after its previous expectations indicated that this demand would reach 109.8 million barrels per day in 2045.
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The organization, in its annual report which it launched today in the Saudi capital, Riyadh, in the presence of Saudi Energy Minister Prince Abdulaziz bin Salman, other ministers from the organization and a large number of experts and those interested in oil and energy affairs, said that most of the increase in global demand for oil will come from the transportation and aviation sectors.
Production of member countries
The report raised OPEC’s expectations regarding the production of its member countries during the period from 2022 to 2045, as it indicated that the production of these 13 member countries would rise from 34.2 million barrels per day in 2022, to 37.7 million barrels per day in the medium term, and then reach 46.1 million. barrels per day before 2045, an increase of 3.7 million barrels per day than what the organization expected in its 2022 report.
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Production from outside OPEC
As for non-OPEC countries, the report expects oil production to rise from 65.8 million barrels per day in 2022 to 72.7 million barrels per day in 2028, an increase of 7 million barrels per day, indicating that this increase is very close to the expectations contained in last year’s report. , which indicated that production from outside the organization will reach 71.4 million barrels per day.
The bulk of this increase in non-OPEC production will come from the United States of America, whose production is expected to reach 16.6 million barrels per day in 2028, up from 12.7 million barrels per day in 2022. These expectations are approximately similar to what the organization’s report expected last year. After the United States, Mexico and Brazil come in terms of the size of the increase in production.
India and China contribute the largest increase in demand
Regarding the increase in demand for oil, the OPEC report indicated that India and China will contribute to the largest increase in demand for oil, followed by other Asian and African countries.
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India will add an additional 6.6 million barrels per day to demand for the forecast period (from 2022 to 2045), an increase of 300 thousand barrels per day compared to the expectations of the OPEC report for 2022.
The organization also raised its expectations for oil demand from China, as it expected Beijing to add 4 million barrels per day by 2045, compared to 3 million barrels per day in previous expectations.
The report increased its expectations for oil demand by Organization for Economic Cooperation and Development (OECD) countries, to reach 37 million barrels per day in 2045, instead of 34 million barrels per day as expected in last year’s report.
