OPEC predicts oil to become most demanded fuel until 2045

Oil will remain the most demanded fuel until 2045, while its share of world consumption will begin to decline.

This is stated in the long-term forecast by OPEC World Oil Outlook report (WOO).

OPEC predicts that the share of oil in the world energy mix will decline from its current 31% to 29% by 2045 and will remain the resource most in demand. In total, OPEC experts predict oil and gas to account for more than 50% of energy consumption.

The report notes that gas demand, despite short-term market distortion, will increase due to the substitution of coal and biomass.

"By 2030, gas will replace coal and become the second largest fuel in the energy mix", OPEC highlights.