OPEC Sees Booming Oil Demand
11.03.2022 By TankTerminals.com - NEWS

November 3, 2022 [Investopedia] – Global oil demand is projected to stay strong through the next two decades


The oil sector of the stock market has been the best-performing sector this year, and based on a new forecast for oil demand from OPEC, that could continue, at least over the short term.

In OPEC’s annual report, the cartel expects global oil demand to stay strong well into the 2040s as the global population grows to 9.5 billion people.

Demand is projected to rise by almost 9 million barrels a day by 2025 to 105.5 million barrels a day, driven by increasing demand from developing countries. However, oil demand in developed countries could peak by 2024.

The report predicts a declining role for Western oil companies, which aren’t exploring as much for oil as they used to, and are investing more in low carbon alternatives.

OPEC is calling for trillions of dollars worth of investments in the oil industry over the next two decades to meet the booming demand for fossil fuel into the middle of the century. In the annual report, the cartel says the oil industry would need investments totaling $12.1 trillion by 2044 to satisfy demand, $300 billion more than expected just last year.


Book a demo to see how to offer, bid and book tank capacity globally. Quick and easy.

South Korea's KNOC to Get 4 mil Barrels UAE Crude in Joint Storage Project with ADNOC
03.24.2023 - NEWS
March 24, 2023 [S&PGlobal] – South Korea recently received 2 million barrels of crude ... Read More
China Exports More Fuel Than Expected
03.22.2023 - NEWS
March 22, 2023 [Energy Intelligence] – China’s combined exports of gasoline, diesel a... Read More
Why Brazil Looks to Boost Oil Refining Capacity
03.22.2023 - NEWS
March 22, 2023 [bnamericas] – After years of relative stagnation, Brazil is likely to resum... Read More
Iraq and UAE Spearhead Downstream Expansion
03.22.2023 - NEWS
March 22, 2023 [OilPrice.com] – Oil markets have been affected by financial market challeng... Read More