Oil demand is projected to increase from nearly 100 million barrels per day in 2019 to around 109 MMbpd in 2045, according to OPEC’s latest World Oil Outlook report. Oil demand is projected to increase from nearly 100 million barrels per day (MMbpd) in 2019 to around 109 MMbpd in 2045, according to OPEC’s latest World Oil Outlook (WOO) report. The 2020 WOO forecasts that oil demand in non-OECD countries will rise by 22.5 MMbpd over the next few decades, from nearly 52 MMbpd in 2019 to 74 MMbpd in 2045. India is expected to be the largest contributor to incremental demand, adding around 6.3 MMbpd between 2019 and 2045. Oil demand in OECD countries is predicted to plateau at around 47 MMbpd during the period 2022-2025 before starting a longer-term decline towards 35 MMbpd by 2045. Road transportation is expected to continue to dominate the sectoral breakdown of […]