OPEC names electric vehicles as the main factor in the decline in oil demand until 2045

by time news

The share of electric vehicles in the global electric vehicle fleet by 2045 will increase to 20%, the number of electric vehicles will reach 500 million, follows from the OPEC World Oil Outlook (WOO) published today. The organization believes that the demand for oil will therefore remain at the level of 46–46.5 million barrels per day.

“It is expected that the demand for oil in the transport segment will remain stable in the corridor of 46–46.5 million barrels per day after 2025,” the document says.

At the same time, OPEC experts suggest that cars with an internal combustion engine will still occupy a large share – about 76%. The demand for such machines will be mainly provided by developing countries.

Earlier, the president of oil and gas company BP Singapore, Eugene Leong, said that oil consumption would return to pre-pandemic levels in the third quarter of next year. In his opinion, in 2022, demand will grow on average by 3.8 million barrels per day.

On Tuesday, September 28, the price of a barrel of Brent crude exceeded $ 80. Against the backdrop of rising oil prices, the shares of Gazprom Neft, LUKOIL and Rosneft renewed their all-time highs.

Read more about the rise in prices in the article “b” “Oil is preparing for winter.”

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