OPEC (Organization of the Petroleum Exporting Countries) has released its latest outlook report on world oil, and it indicates that global crude demand is expected to hit an all-time high by 2028. According to the report, crude demand is set to reach 110.2 million barrels per day (bpd) in 2028, a staggering figure that highlights the continuing importance of oil as a dominant energy source. The report also sheds light on several other key trends and factors that will shape the oil market in the years ahead.
1. Global crude oil demand is projected to reach an all-time high of 110.2 million barrels per day by 2028, indicating a steady growth in energy consumption.
2. The anticipated drivers behind this surge in demand are population growth, rapid urbanization, and an expanding middle class in developing countries.
3. As the world's population continues to rise, particularly in Asia and Africa, energy requirements are expected to increase, further fueling the demand for crude oil.
4. Rising incomes and improved living standards in emerging economies will drive the adoption of energy-intensive activities like transportation and manufacturing, further augmenting global crude demand.
5. The importance of oil as a dominant energy source is highlighted by the staggering figure of 9.8 million barrels per day increase in demand from current levels, emphasizing its enduring significance.
Global crude demand is expected to reach 110.2 million barrels per day (bpd) by 2028, according to OPEC's latest outlook report on world oil.
This projection indicates an increase of 9.8 million bpd from the current levels, reflecting a steady growth in global energy consumption. According to Opec, the primary drivers behind this surge in demand are anticipated population growth, rapid urbanization, and an expanding middle class in developing countries. As the world's population continues to rise, particularly in regions such as Asia and Africa, energy requirements are expected to surge, further fueling the demand for crude oil. Additionally, rising incomes and improved living standards in emerging economies are expected to drive the adoption of energy-intensive activities, such as transportation and manufacturing, further augmenting the global crude demand.