11:16 - 25.09.2024

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September 25, Fineko/abc.az. Global oil demand will reach 120.1 million b/d by 2050 (17.5%, or 17.9 million b/d more than at the end of 2023), ABC.AZ reports with refere to the annual OPEC review.

The main driver of oil consumption growth will be India, where demand will grow from 5.3 million b/d in 2023 up to 13.3 million b/d in 2050. This increase of 8 million b/d is 45% of the total projected by alliance analysts.

According to the OPEC review, oil demand in China will grow by 2.5 million b/d up to 18.9 million b/d by 2050. At that, an increase of 2.2 million b/d will be provided by the end of the current decade. Other Asian countries outside the OECD will provide an increase of 5.2 million b/d, up to 14.5 million b/d.

OPEC considers such sectors as petrochemicals, automobile and aviation transportation to be the main drivers of oil demand growth until 2050, where needs will increase by 4.9 million b/d, 4.6 million b/d and 4.2 million b/d, respectively.