OPEC: World Oil Outlook 2040

12. November 2019

World Oil Outlook of the OPEC

The OPEC has published their World Oil Outlook (WOO) 2019. See what they expect from the energy demand in the next years and how they want to lead us to a sustainable energy future in the report. The following words are from the WOO 2019:

What is clear is that the world will need a great deal more energy in the decades to come. It is easy to appreciate why. The global population is expected to increase by almost 1.6 billion from around 7.6 billion in 2018 to a level of 9.2 billion in 2040. The global economy in 2040 is expected to be double the size it was in 2018. And we should also not forget that energy poverty remains a scourge, with almost one billion people still lacking access to electricity and three billion with no access to clean fuels for cooking.

Expectation of energy demand by 2040

Total primary energy demand is expected to increase by 25% between 2018 and 2040 with renewables leading the way in terms of growth, but oil and gas are still forecast to meet more than 50% of the world’s energy needs by the end of the forecast period. These trends can also be viewed in similar forecasts from other reputable organizations with long-term energy outlooks.

Outlook for Global Growth

From the perspective of oil demand, given recent signs of stress in the global economy, and the outlook for global growth, at least in the short- and medium-term, the outlook for global oil demand has been lowered slightly this year to 110.6 mb/d by 2040, but demand expands in every five-year period to the end of the timeframe.

World Oil Outlook_Executive Summary_2019
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