It is reported that by 2045, the global oil industry will need to invest 12.1 trillion US dollars, which is equivalent to an annual investment of more than 500 billion US dollars to meet the global oil and gas demand.
According to the OPEC World Oil Outlook 2022, the world needs all forms of energy to meet future energy demand. By 2045, the world needs to increase 2.7 million barrels of oil equivalent/day of oil and natural gas every year. The global daily oil demand is expected to increase from about 97 million barrels in 2021 to about 110 million barrels in 2045.
The report was recently released at the Abu Dhabi International Oil Expo. It is estimated that the global economy will more than double in size and the global population will increase by 1.6 billion from now to 2045.
According to the report, global primary energy demand is expected to continue to increase in the medium and long term, and will increase by 23% by 2045. Energy poverty remains an important issue throughout the forecast period, and there is still a large gap between developed and developing countries.
According to the report, oil will still account for the largest share of the energy structure in the entire forecast period, reaching nearly 29% by 2045; Renewable energy, mainly including solar energy, wind energy and geothermal energy, will grow at an average annual rate of 7.1%; Non OECD countries will promote the growth of oil demand, with a daily increase of 24 million barrels, while OECD countries will reduce their oil demand by more than 10 million barrels; India's oil demand increase will be the largest in the world, with an increase of 6.3 million barrels per day by 2045; By 2027, the daily supply of non OPEC oil will be expanded to 71.4 million barrels, and by 2045 it will be reduced to 67.5 million barrels; Before 2045, OPEC's daily oil output will increase to 42.4 million barrels, and its share in global oil supply will rise from 33% in 2021 to 39% in 2045; The medium and long-term refining capacity in Asia Pacific, the Middle East and Africa expanded strongly, but was partially offset by the closure of refineries in developed regions; The Asia Pacific region will remain the most important crude oil importing region, with the import volume increasing by more than 7.5 million barrels per day; Technological progress will shape a new global energy pattern, and public policies related to energy demand and supply will become more stringent.
