OPEC expects continuous growing demand for oil in medium ‎and long term

OPEC raised expectations for oil demand in the medium and long term, confirming that the required investments in the oil sector amount to $14 trillion until 2045, up from $12.1 trillion estimated last year.

The organization also expected oil demand to grow by about 10.6 million barrels per day between 2022 and 2028.

It added that its share of global supply will rise from 34% in 2022 to 40% in 2045.

OPEC confirmed that the continued growth in demand for oil will be driven by the transportation, petrochemicals and aviation sectors.