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World Despite crises: Oil cartel Opec predicts significant increase in demand

22:15  08 october  2020
22:15  08 october  2020 Source:   handelsblatt.com

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In today's rather rich industrial nations, the demand for oil will decrease, predicts Opec. But that doesn't change the global trend.

In 25 Jahren würden sämtliche erneuerbare Energiequellen zusammen nach Öl (27,5 Prozent) und Gas (25,3 Prozent) mit rund 22 Prozent den dritten Platz im Energiemix einnehmen, sagt die Opec voraus. © Reuters In 25 years' time, all renewable energy sources together would take third place in the energy mix after oil (27.5 percent) and gas (25.3 percent) with around 22 percent, predicts Opec.

The oil cartel Opec , despite the climate crisis and the consequences of the corona pandemic, assumes that demand for crude oil will again increase significantly in the medium and long term. The demand for the fossil raw material is expected to increase by 9.4 percent to 109 million barrels (159 liters) per day by 2045 compared to 2019. This emerges from the perspective report presented on Thursday by the Organization of Petroleum Exporting States (OPEC). The main reasons for this are the population growth from now almost eight to then almost ten billion people and the growing economic power of China and especially India.

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According to the Opec , the need for oil will decrease in the industrial nations that are already rather rich today. In Europe alone, the share of oil in the energy mix will decrease by around 40 percent over the next 25 years. It looks similar in North and South America. But that does not change the global trend: "Oil will remain the fuel with the largest share in the energy mix until 2045," writes Opec. Among the fossil energy sources, only coal will lose importance, it continues. The only exception is India. There, coal will remain by far the most important energy source.

Globally, electricity and heat from wind, geothermal energy and sun are the fastest growing energy sector. In 25 years, all renewable energy sources together would take third place in the energy mix after oil (27.5 percent) and gas (25.3 percent) with around 22 percent, predicts Opec. In view of the corona pandemic, however, the predictions are fraught with additional uncertainty.

More: The crude oil inventories in the USA have recently increased surprisingly and production also increased.

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