Oil, gas to account for over half of global energy balance in next 25 years

VIENNA, Austria | TASS | Oil and gas will continue to account for more than 50% of the global energy balance from 2024 through 2050, while oil alone is expected to contribute slightly less than 30% by 2050, according to the OPEC World Oil Outlook (WOO) long-term forecast.

OPEC expects demand for oil and gas to continue rising significantly, driven by strong demand for reliable and affordable energy sources. According to the forecast, global oil demand will increase by 18.2 mln barrels of oil equivalent per day (boe/d) by 2050, while gas demand will rise by nearly 20 mln boe/d.

At the same time, OPEC forecasts a sharp decline in coal consumption, falling from 82 mln boe/d to 51.4 mln boe/d by 2050. The organization attributed this decline to the climate agenda and coal’s replacement with alternative fuels.

Meanwhile, renewable energy demand is projected to more than double, rising from 47.4 mln boe/d in 2024 to nearly 100 mln boe/d by 2050. The share of renewables in the global energy balance will increase from 15.4% in 2024 to 26.3% by 2050, though it will still remain below oil’s share.

***

SOURCE: TASS