The Organization of the Petroleum Exporting Countries (OPEC) on Thursday released an updated forecast for 2050 which anticipated soaring demand for oil in the medium and long term once China’s economic outlook improves.
According to OPEC’s World Oil Outlook 2050 report, oil demand will rise from 103.7 million barrels per day (bpd) in 2024, to 113.3 million bpd by 2030, and 123 million bpd by 2050 — a net increase of about 19 percent over the next 25 years.
OPEC anticipates demand for other forms of energy to increase as well, reaching a total equivalent to 378 million bpd in 2050.
The report cited growing populations in many countries…
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