The Organization of the Petroleum Exporting Countries on Tuesday released the World Oil Outlook 2021 and said crude oil will retain its number one position in the global energy mix until 2045.
OPEC Secretary General Mohammad Barkindo, who revealed during the unveiling of WOO 2021, said global energy demand will increase by 28% by 2045.
He said energy would be needed to power more homes, more services, more businesses, more cars, more planes, more ships, and more.
âThis will require the use of all forms of energy to support post-pandemic recovery, energy transition and to meet long-term energy needs,â Barkindo said.
He said that in the outlook, renewables have seen the strongest growth, from a global fuel share of around 2% in 2020 to more than 10% by 2045.
“It is important to note that OPEC member countries are investing heavily in renewable energy as they seek to diversify their energy mix,” said the organization’s scribe.
He added: âGas is experiencing the second fastest growing growth, in part due to higher rates of urbanization, industrial demand and its competitiveness against coal in power generation.
âIn fact, all energies are expected to experience growth, with the exception of coal. Yet it is oil that retains its first place in the energy mix. It is still expected to supply 28% of the world’s energy needs by 2045. ”
Barkindo said it was clear the world would need more energy in the decades to come.
He noted that in the period up to 2045, the global economy was estimated to more than double, with the world’s population expected to reach 9.5 billion.
Barkindo stressed the need to remember that there is enormous potential for socio-economic development in terms of expanding access to modern energy services for the billions of people who continue to go without the required development.