The Organisation of Petroleum Exporting Countries released the World Oil Outlook 2021 on Tuesday and declared that crude oil would retain its number one position in the global energy mix up till 2045.
OPEC Secretary-General, Mohammad Barkindo, who disclosed during the unveiling of the WOO 2021, stated that global energy demand would expand by 28 per cent by 2045.
He said energy would be needed to power more homes, more services, more businesses, more cars, more planes, more ships, among others.
“This will require the use of all forms of energy to support the post-pandemic recovery, the energy transition and address long-term energy needs,” Barkindo stated.
He stated that in the outlook, renewables witnessed the largest growth, rising from a global fuel share of around two per cent in 2020 to over 10 per cent by 2045.
“It is important to note that OPEC member countries are making significant investment in renewables as they look to diversify their energy mix,” the organisation’s scribe stated.
He added, “Gas sees the second largest growth, driven in part by higher urbanisation rates, industrial demand and its competiveness over coal in power generation.
“In fact, all energies are set to witness growth, with the exception of coal. It is oil, however, that retains its number one position in the energy mix. It is still expected to provide 28 per cent of global energy needs by 2045.”
Barkindo said it was clear that the world would need more energy in the decades to come.
He noted that in the period to 2045, the global economy had been estimated to more than double, as the world population was set to expand to 9.5 billion.
Barkindo pointed out the need to remember that there was huge potential for socio-economic development in terms of expanding access to modern energy services for the billions of people who continue to go without the required development.
