The Organization of the Petroleum Exporting Countries (Opec) released its World Oil Outlook 2023 report on Tuesday, raising its forecast for global oil demand to 116 million barrels per day in 2045, up 16.4% from 99.6 million barrels per day in 2022.

In a foreword to the report, Opec Secretary General Haissem Ghaith said the organization’s latest forecast for global oil demand in 2045 is about 6 million barrels per day higher than the World Oil Outlook 2022, and that the figure could be revised higher.

Opec said in the report that the growth in global oil demand will come mainly from emerging economies and developing regions, and the organization’s forecast is based on the expectation of continued global population and economic growth over the next 20 years.

The report also predicts that oil will remain the largest part of the global energy mix over the next 20 years, but its share will decline from 31.2 percent in 2022 to 29.5 percent in 2045. The share of renewable energy sources such as wind and solar will rise from 2.7% in 2022 to 11.7% in 2045.

To meet rising global oil demand, the oil industry will need about $14 trillion in investment by 2045, Gass said.

However, the International Energy Agency also has a different view of the global oil demand outlook. The International Energy Agency’s medium-term 2023 Oil Market report, released in June this year, believes that global oil demand growth will slow significantly in the coming years as the transition to clean energy accelerates. Birol, the head of the International Energy Agency, said at the time that global oil demand was expected to peak before the end of the decade with the development of electric vehicles, improved energy efficiency and other technological advances.