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This marks the initial evaluation by experts of the global energy consumption of the organization by the mid-21st century. Before, OPEC released its projections for this metric up to the year 2045. The prediction in the present report has been increased to 364.4 million bps from 359 million bps in the previous year.
Alliance researchers anticipate a rise in oil demand of 18% from 92.9 million bps to 109.6 million bps by 2050 compared to 2023; an increase in gas demand of 29.7% from 69.1 million bps to 89.6 million bps; and a growth in nuclear energy demand of 64.2% from 14.8 million bps to 24.3 million bps.
Biofuel demand is expected to increase by 28.5%, hydropower demand by 52.6%, and demand for other renewables by 5.5 times.
Coal is the only energy source that will experience a consistent decrease in worldwide demand. OPEC predicts a decrease in demand of approximately 37% by 2050, dropping from 78 million bps to 49.1 million bps.
According to OPEC analysts, oil and gas will still be the main sources in the global energy balance by 2050, with a projected share of 29.3% and 24% respectively, slightly lower than in 2023.
source: marketwatch.com
Alliance researchers anticipate a rise in oil demand of 18% from 92.9 million bps to 109.6 million bps by 2050 compared to 2023; an increase in gas demand of 29.7% from 69.1 million bps to 89.6 million bps; and a growth in nuclear energy demand of 64.2% from 14.8 million bps to 24.3 million bps.
Biofuel demand is expected to increase by 28.5%, hydropower demand by 52.6%, and demand for other renewables by 5.5 times.
Coal is the only energy source that will experience a consistent decrease in worldwide demand. OPEC predicts a decrease in demand of approximately 37% by 2050, dropping from 78 million bps to 49.1 million bps.
According to OPEC analysts, oil and gas will still be the main sources in the global energy balance by 2050, with a projected share of 29.3% and 24% respectively, slightly lower than in 2023.
source: marketwatch.com