OPEC forecasts that primary global energy demand will increase to 359 million barrels of oil equivalent per day (boepd) in 2045, representing a rise of 23% from the 2022 level.
"Growth is expected to slow gradually from the relatively high short-term rates to more modest long-term increments, in line with moderating population and economic growth," the report said.
The non-OECD region will drive energy demand growth, with an increase of 69 million boepd over the outlook period, while around 28% of non-OECD growth is expected to come from India alone, according to the report.
Moreover, energy demand in OECD countries is set to marginally decline over the forecast period.
However, the report said that "demand for all primary fuels is set to increase in the long term, with the exception of coal, due to energy policy and climate commitments.”
The strongest growth is expected for other renewables, notably wind and solar, which will increase by 34.3 million boepd, based on strong policy support in many regions. The share of other renewables in the energy mix is set to rise from around 2.7% in 2022 to 11.7% in 2045.
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