The global oil demand will keep slightly increasingly annually after 2025, with the growth expected to stop after 2035, the Organization of the Petroleum Exporting Countries (OPEC) said in its annual World Oil Outlook report.
OPEC expects global oil demand to increase by 2.6 million barrels per day (mb/d) annually from 2020-2025, by 0.6 mb/d in the five years to follow, and only by 0.3 mb/d from 2030-2035.
“Annual oil demand growth averages 2.6 mb/d during the first five years of the forecast period. Average annual growth is then expected to slow significantly during the second five-year period to 0.6 mb/d, and further to 0.3 mb/d during the period from 2030–2035. After that, projections indicate a plateauing of oil demand at the global level,” the report read.
OPEC expects oil demand in the Organisation for Economic Co-operation and Development (OECD) countries to peak in 2025, followed by a decline in consumption. OECD demand will decrease by almost 8% from 2020-2045, while non-OECD nations will keep increasing their demand, according to the OPEC estimates.
Russia’s oil demand is also expected to peak in 2025 and remain unchanged for the next 15 years before starting to decline. According to OPEC, Russia’s oil demand will only see a 0.3% increase in the period between 2020 and 2045.