FX.co ★ OPEC: Global demand for crude to increase by 16%

While the green energy policy is gaining momentum, manifesting that conventional energy sources should be replaced with alternative energy, the world's demand for oil is surging. Many analysts admit that even developed countries, where environmentally friendly energy policy is on the agenda, continue to use oil and coal. Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) believes that the demand for crude will grow. In its 2023 World Oil Outlook, OPEC said it expected world energy demand to increase by 16% and reach 116 million barrels per day by 2045. Notably, the organization raised its medium- and long-term forecasts for global oil demand, predicting 6 million more barrels per day than it forecasted this time last year. "The largest incremental demand during the forecast period from 2022 to 2045 is projected for the road transportation, petrochemical, and aviation sectors," the WOO report reads. Asia-Pacific countries will remain the main oil consumers. For example, demand for commodities in India is expected to rise by more than double to almost 12 million barrels per day by 2045, according to OPEC forecasts. In China, demand will likely soar by 26% or 4 million barrels per day.