OPEC sees global oil demand at 116 mb/d in 2045

Riyadh [UAE]: The 2023 OPEC World Oil Outlook (WOO) was launched today at the King Abdullah Petroleum Studies and Research Center (KAPSARC) in the Kingdom of Saudi Arabia.

First published in 2007, the WOO offers a detailed review and assessment of the medium- and long-term prospects for global oil and energy to 2045, according to a press statement published by OPEC today.

The 17th edition of the flagship publication takes on board recent energy and economic-related developments, particularly related to the shifting dynamics around net zero policies, with many populations questioning the targets and the benefits, policymakers reevaluating their approach to energy transition pathways and new technologies being developed and deployed. It also underscores the need to bring modern energy services to billions that continue to go without.

Prince Abdul Aziz Bin Salman, Minister of Energy of the Kingdom of Saudi Arabia and Chairman of the Board of Trustees at KAPSARC was the special guest of honour and delivered remarks at the opening of the launch.

In HRH’s remarks, Prince Abdul Aziz welcomed all attendees to KAPSARC as the Chairman of its Board of Trustees, especially Hayan Abdulghani Abdulzahra Alsawad, Iraq’s Deputy Prime Minister for Energy Affairs and Minister of Oil.

He also thanked the attendees of MENA Climate Week 2023 for participating in this crucial event, noting that it endeavours to illustrate that we are taking a lead in this issue.

OPEC Secretary General, Haitham Al Ghais, said it was a great privilege to launch the publication in the presence of Prince Abdul Aziz Bin Salman and thanked Fahad Alajlan, President of KAPSARC, and his dedicated staff, for supporting with preparations for such an important OPEC event.

Al Ghais highlighted that the WOO 2023 provides a data-driven, fact-based outlook that emphasizes the realities we see before us. “The upshot is there is no credible way to address all the challenges before us without utilizing all available energy sources, all relevant technologies, and with energy market stability as a cornerstone for the huge investments required.”

“The WOO 2023 launch represents the culmination of many months of modelling, writing, review and production. It should be viewed as an insightful reference tool, one that underscores OPEC’s commitment to dialogue, knowledge-sharing and data transparency”, Al Ghais added.