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Chapter 1 - Key assumptions
Chapter 2 - Energy demand
Chapter 3 - Oil demand
Chapter 4 - Liquids supply
Chapter 5 - Refining outlook
Chapter 6 - Oil movements
Chapter 7 - Energy scenarios
Chapter 8 - Key Challenges and Opportunities
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OPEC World Energy: definitions of regions
World Oil Refining Logistics and Demand: regional definitions
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2023
World Oil Outlook 2045
2023
World Oil Outlook 2045

Chapter 2 - Energy demand

Global primary energy demand to increase by 23% to 2045, driven by non-OECD

Global primary energy demand is set to increase from around 291 million barrels of oil equivalent per day (mboe/d) in 2022 to close to 359 mboe/d in 2045, an increase of 68.3 mboe/d, or 23% over the outlook period. Growth is expected to slow gradually from the relatively high short-term rates to more modest long-term increments, in line with moderating population and economic growth. Energy demand growth will be driven by the non-OECD region, which is set to increase by 69 mboe/d over the outlook period. Around 28% of non- OECD growth is expected to come from India alone. At the same time, energy demand in OECD countries is set to marginally decline in the outlook period.

Wind and solar grow at the fastest rate; oil retains the largest share in the energy mix

Demand for all primary fuels is set to increase in the long-term, with the exception of coal due to energy policy and climate commitments. The strongest growth is expected for other renewables (notably wind and solar), which will increase by34.3 mboe/d, based on strong policy support in many regions. The share of other renewables in the energy mix is set to rise from around 2.7% in 2022 to 11.7%in 2045. Oil demand will grow strongly too, and even though its share in the energy mix declines modestly, oil will remain the fuel with the largest share by 2045 at 29.5%. Natural gas demand is set to increase by 20 mboe/d over the outlook period, reaching 87 mboe/d in 2045. The share of fossil fuels in the energy mix will drop from above 80% in 2022 to about 69% in 2045, due to the decline of coal. In the same period, the combined share of oil and gas in the energy mix still represents 54% in 2045

Source: OPEC

 

Source: OPEC

 

Source: OPEC

 

Source: OPEC

 

Source: OPEC

 

Source: OPEC

 

Source: Ember

 

​Source: OPEC

 

​Source: OPEC

 

Source: IAEA

 

Source: IAEA

 

Source: OPEC

 

Source: OPEC

 

Source: OPEC

 

​Source: OPEC

 

Source: OPEC

 

Source: OPEC

 

Source: OPEC

 

Source: OPEC

 

Source: OPEC

 

Source: OPEC

 

Source: OPEC

 

Table 2.1

World primary energy demand by fuel type, 2022-2045
  Levels (mboe/d)  Growth (mboe/d) Growth (% p.a.)   Fuel share (%)
   2022 2025 2030 2035 2040 2045 2022-2045 2022-2045 2022 2045
Oil 90.7 96.4 102.0 104.3 105.3 106.1 15.4 0.7 31.2 29.5
Coal 75.9 74.6 71.1 65.9 60.0 54.4 -21.5 -1.4 26.1 15.1
Gas 67.1 69.6 75.0 80.2 84.4 87.0 20.0 1.1 23.1 24.2
Nuclear 15.0 15.9 17.4 19.4 21.7 23.8 8.8 2.0 5.2 6.6
Hydro 7.7 8.2 8.9 9.6 10.2 10.5 2.8 1.3 2.7 2.9
Biomass 26.6 27.9 30.2 32.3 34.1 35.2 8.6 1.2 9.1 9.8
Other renewables 7.9 11.2 18.5 26.7 35.8 42.2 34.3 7.5 2.7 11.7
Total 290.9 303.9 322.9 338.3 351.6 359.2 68.3 0.9 100.0 100.0

mboe/d, %

Source: OPEC

 

Table 2.2

Total primary energy demand by region, 2022-2045
   Levels (mboe/d)  Growth (mboe/d)  Growth (% p.a.)  Share (%)
  2022  2025 2030 2035 2040 2045 2022-2045 2022-2045 2022 2045
OECD Americas 55.4 55.4 56.4 56.6 56.4 55.9 0.5 0.0 19.0 15.6
OECD Europe 33.7 34.0 33.9 33.4 32.7 32.0 -1.7 -0.2 11.6 8.9
OECD Asia-Pacific 17.5 17.7 17.9 18.0 18.0 18.0 0.5 0.1 6.0 5.0
OECD 106.6 107.1 108.2 108.0 107.1 105.9 -0.7 0.0 36.7 29.5
China 71.3 75.2 78.1 78.7 78.1 77.4 6.1 0.4 24.5 21.6
India 19.2 21.3 25.4 29.7 34.1 38.5 19.3 3.1 6.6 10.7
OPEC 20.3 22.8 26.4 29.6 32.6 34.7 14.4 2.4 7.0 9.7
Other DCs 50.3 54.2 61.1 68.2 75.0 77.1 26.8 1.9 17.3 21.5
Russia 15.7 15.5 15.4 15.3 15.2 15.2 -0.5 -0.1 5.4 4.2
Other Eurasia 7.5 7.8 8.3 8.9 9.5 10.4 2.9 1.4 2.6 2.9
Non-OECD 184.3 196.8 214.7 230.3 244.5 253.3 69.0 1.4 63.3 70.5
World 290.9 303.9 322.9 338.3 351.6 359.2 68.3 0.9 100.0 100.0

mboe/d, %

Source: OPEC

 

Table 2.3

OECD primary energy demand by fuel type, 2022-2045
   Levels (mboe/d) Growth (mboe/d) Growth (% p.a.)  Fuel share (%)
   2022 2025 2030 2035 2040 2045 2022-2045 2022-2045 2022 2045
Oil 39.5 39.7 39.1 36.8 33.7 30.8 -8.7 -1.1 37.0 29.0
Coal 14.0 12.6 10.5 8.8 7.3 6.0 -7.9 -3.6 13.1 5.7
Gas 30.0 29.7 29.8 29.8 29.6 28.9 -1.1 -0.2 28.1 27.3
Nuclear 10.0 10.1 10.4 10.8 11.4 11.8 1.8 0.7 9.4 11.1
Hydro 2.5 2.6 2.7 2.8 2.9 3.0 0.4 0.7 2.4 2.8
Biomass 6.8 7.3 8.0 8.7 9.4 10.1 3.2 1.7 6.4 9.5
Other renewables 3.8 5.0 7.6 10.3 12.9 15.4 11.6 6.2 3.6 14.5
Total 106.6 107.1 108.2 108.0 107.1 105.9 -0.7 0.0 100.0 100.0

mboe/d, %

Source: OPEC

 

Table 2.4

Non-OECD primary energy demand by fuel type, 2022-2045
  Levels (mboe/d) Growth (mboe/d) Growth (% p.a.)  Fuel share (%)
   2022 2025 2030 2035 2040 2045 2022-2045 2022-2045 2022 2045
Oil 51.2 56.7 62.9 67.5 71.6 75.3 24.1 1.7 27.8 29.7
Coal 62.0 62.0 60.5 57.1 52.8 48.4 -13.6 -1.1 33.6 19.1
Gas 37.1 39.9 45.2 50.4 54.8 58.1 21.0 2.0 20.1 22.9
Nuclear 5.0 5.8 7.0 8.6 10.4 12.0 7.0 3.9 2.7 4.7
Hydro 5.2 5.5 6.2 6.8 7.4 7.6 2.4 1.6 2.8 3.0
Biomass 19.8 20.7 22.2 23.5 24.6 25.2 5.4 1.1 10.7 9.9
Other renewables 4.1 6.2 10.8 16.5 22.9 26.8 22.7 8.5 2.2 10.6
Total 184.3 196.8 214.7 230.3 244.5 253.3 69.0 1.4 100.0 100.0

mboe/d, %

Source: OPEC

 

Table 2.5

China primary energy demand by fuel type, 2022-2045
  Levels (mboe/d) Growth (mboe/d) Growth (% p.a.)  Fuel share (%)
  2022  2025 2030 2035 2040 2045 2022-2045   2022  
Oil 14.1 15.8 16.7 17.0 17.3 17.4 3.4 0.9 19.7 22.5
Coal 41.6 40.9 37.8 33.2 28.2 23.7 -17.9 -2.4 58.3 30.7
Gas 5.8 6.6 8.0 9.2 9.9 10.2 4.4 2.5 8.1 13.2
Nuclear 2.5 3.1 3.9 4.9 6.0 6.8 4.3 4.5 3.4 8.8
Hydro 2.4 2.5 2.6 2.8 2.9 3.0 0.6 1.1 3.3 3.9
Biomass 2.8 3.1 3.6 3.9 4.2 4.4 1.6 2.0 4.0 5.7
Other renewables 2.2 3.3 5.4 7.7 9.7 11.8 9.5 7.5 3.1 15.2
Total 71.3 75.2 78.1 78.7 78.1 77.4 6.1 0.4 100.0 100.0

mboe/d, %

Source: OPEC

 

Table 2.6

India primary energy demand by fuel type, 2022-2045
  Levels (mboe/d) Growth (mboe/d) Growth (% p.a.)  Fuel share (%)
  2022  2025 2030 2035 2040 2045 2022-2045 2022-2045 2022 2045
Oil 5.1 5.8 7.3 8.7 10.1 11.6 6.5 3.6 26.7 30.1
Coal 8.3 9.0 10.4 11.6 12.5 12.8 4.5 1.9 43.3 33.2
Gas 1.0 1.2 1.7 2.2 3.0 4.1 3.1 6.2 5.3 10.6
Nuclear 0.3 0.3 0.5 0.7 1.0 1.3 1.0 7.1 1.4 3.3
Hydro 0.3 0.3 0.4 0.5 0.6 0.6 0.3 3.3 1.6 1.7
Biomass 3.9 4.0 4.1 4.2 4.2 4.2 0.3 0.4 20.2 10.9
Other renewables 0.3 0.6 1.1 1.8 2.7 3.9 3.6 11.5 1.7 10.1
Total 19.2 21.3 25.4 29.7 34.1 38.5 19.3 3.1 100.0 100.0

mboe/d, %

Source: OPEC

 

Table 2.7

Oil demand by region, 2022-2045
  Levels (mboe/d) Growth (mboe/d) Growth (% p.a.)  Fuel share (%)
  2022  2025 2030 2035 2040 2045 2022-2045 2022-2045 2022 2045
OECD Americas 20.7 20.9 21.1 20.2 18.9 17.4 -3.3 -0.7 22.8 16.4
OECD Europe 11.9 11.9 11.5 10.5 9.4 8.5 -3.5 -1.5 13.2 8.0
OECD Asia-Pacific 6.9 6.9 6.6 6.0 5.4 4.9 -2.0 -1.5 7.6 4.6
OECD 39.5 39.7 39.1 36.8 33.7 30.8 -8.7 -1.1 43.5 29.0
China 14.1 15.8 16.7 17.0 17.3 17.4 3.4 0.9 15.5 16.4
India 5.1 5.8 7.3 8.7 10.1 11.6 6.5 3.6 5.6 10.9
OPEC 8.6 9.9 11.0 11.7 12.3 12.7 4.1 1.7 9.5 11.9
Other DCs 18.2 19.7 22.1 24.2 26.1 27.8 9.5 1.8 20.1 26.2
Russia 3.3 3.6 3.7 3.7 3.7 3.6 0.3 0.4 3.7 3.4
Other Eurasia 1.8 2.0 2.1 2.2 2.2 2.2 0.4 0.8 2.0 2.1
Non-OECD 51.2 56.7 62.9 67.5 71.6 75.3 24.1 1.7 56.5 71.0
World 90.7 96.4 102.0 104.3 105.3 106.1 15.4 0.7 100.0 100.0

mboe/d, %

Source: OPEC

 

Table 2.8

Coal demand by region, 2022-2045
  Levels (mboe/d) Growth (mboe/d) Growth (% p.a.)  Share (%)
  2022  2025 2030 2035 2040 2045 2022-2045 2022-2045 2022 2045
OECD Americas 5.4 4.8 3.9 3.2 2.5 1.9 -3.5 -4.4 7.1 3.5
OECD Europe 4.1 3.6 2.6 1.9 1.3 0.9 -3.2 -6.3 5.4 1.7
OECD Asia-Pacific 4.5 4.3 4.0 3.7 3.5 3.2 -1.3 -1.4 5.9 5.9
OECD 14.0 12.6 10.5 8.8 7.3 6.0 -7.9 -3.6 18.4 11.1
China 41.6 40.9 37.8 33.2 28.2 23.7 -17.9 -2.4 54.8 43.7
India 8.3 9.0 10.4 11.6 12.5 12.8 4.5 1.9 10.9 23.5
OPEC 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.0 0.1 0.1
Other DCs 8.0 8.2 8.7 8.9 9.0 9.0 1.0 0.5 10.6 16.6
Russia 2.3 2.2 2.0 1.8 1.6 1.4 -0.9 -2.1 3.1 2.6
Other Eurasia 1.6 1.6 1.5 1.5 1.4 1.3 -0.3 -1.0 2.1 2.4
Non-OECD 62.0 62.0 60.5 57.1 52.8 48.4 -13.6 -1.1 81.6 88.9
World 75.9 74.6 71.1 65.9 60.0 54.4 -21.5 -1.4 100.0 100.0

mboe/d, %

Source: OPEC

 

Table 2.9

Natural gas demand by region, 2022-2045
  Levels (mboe/d) Growth (mboe/d) Growth (% p.a.)  Share (%)
  2022  2025 2030 2035 2040  2045 2022-2045 2022-2045 2022 2045
OECD Americas 18.9 18.7 18.9 19.1 19.1 18.9 0.0 0.0 28.2 21.7
OECD Europe 7.4 7.4 7.3 7.1 6.8 6.4 -1.0 -0.6 11.1 7.4
OECD Asia-Pacific 3.7 3.6 3.6 3.6 3.6 3.6 0.0 -0.1 5.5 4.2
OECD 30.0 29.7 29.8 29.8 29.6 28.9 -1.1 -0.2 44.7 33.3
China 5.8 6.6 8.0 9.2 9.9 10.2 4.4 2.5 8.7 11.8
India 1.0 1.2 1.7 2.2 3.0 4.1 3.1 6.2 1.5 4.7
OPEC 8.9 9.7 11.0 12.2 13.0 13.4 4.5 1.8 13.3 15.4
Other DCs 10.3 11.5 13.6 15.8 17.9 19.5 9.2 2.8 15.4 22.4
Russia 8.1 7.9 7.6 7.4 7.2 6.9 -1.2 -0.7 12.1 7.9
Other Eurasia 2.9 3.0 3.2 3.5 3.7 4.0 1.1 1.4 4.3 4.6
Non-OECD 37.1 39.9 45.2 50.4 54.8 58.1 21.0 2.0 55.3 66.7
World 67.1 69.6 75.0 80.2 84.4 87.0 20.0 1.1 100.0 100.0

mboe/d, %

Source: OPEC

 

Table 2.10

Nuclear demand by region, 2022-2045
  Levels (mboe/d) Growth (mboe/d) Growth (% p.a.)  Share (%)
  2022  2025 2030 2035 2040 2045 2022-2045 2022-2045 2022 2045
OECD Americas 4.9 4.8 4.9 5.0 5.1 5.2 0.3 0.2 32.7 21.7
OECD Europe 3.9 3.9 3.9 3.9 4.0 4.1 0.2 0.3 26.0 17.4
OECD Asia-Pacific 1.2 1.4 1.6 1.9 2.3 2.5 1.3 3.3 7.9 10.5
OECD 10.0 10.1 10.4 10.8 11.4 11.8 1.8 0.7 66.6 49.6
China 2.5 3.1 3.9 4.9 6.0 6.8 4.3 4.5 16.3 28.6
India 0.3 0.3 0.5 0.7 1.0 1.3 1.0 7.1 1.8 5.4
OPEC 0.0 0.1 0.1 0.2 0.3 0.6 0.5 12.2 0.3 2.4
Other DCs 0.4 0.4 0.5 0.5 0.6 0.6 0.2 1.8 2.8 2.6
Russia 1.3 1.3 1.3 1.4 1.6 1.7 0.5 1.4 8.3 7.3
Other Eurasia 0.6 0.6 0.7 0.8 0.9 1.0 0.4 2.3 3.9 4.1
Non-OECD 5.0 5.8 7.0 8.6 10.4 12.0 7.0 3.9 33.4 50.4
World 15.0 15.9 17.4 19.4 21.7 23.8 8.8 2.0 100.0 100.0

mboe/d, %

Source: OPEC

 

Table 2.11

Hydro demand by region, 2022-2045
  Levels (mboe/d) Growth (mboe/d) Growth (% p.a.) Share (%)
  2022  2025 2030 2035 2040 2045 2022-2045 2022-2045 2022 2045
OECD Americas 1.3 1.3 1.4 1.4 1.5 1.6 0.3 0.9 16.4 14.9
OECD Europe 1.0 1.1 1.1 1.1 1.1 1.2 0.1 0.4 13.6 11.0
OECD Asia-Pacific 0.2 0.2 0.2 0.2 0.2 0.2 0.0 0.6 2.8 2.3
OECD 2.5 2.6 2.7 2.8 2.9 3.0 0.4 0.7 32.8 28.2
China 2.4 2.5 2.6 2.8 2.9 3.0 0.6 1.1 30.5 28.5
India 0.3 0.3 0.4 0.5 0.6 0.6 0.3 3.3 3.9 6.1
OPEC 0.2 0.2 0.2 0.2 0.3 0.3 0.1 2.0 2.4 2.8
Other DCs 1.8 2.0 2.3 2.6 3.0 2.9 1.1 2.1 23.3 27.5
Russia 0.4 0.4 0.4 0.4 0.5 0.5 0.1 1.0 4.9 4.5
Other Eurasia 0.2 0.2 0.2 0.2 0.2 0.2 0.1 1.5 2.3 2.3
Non-OECD 5.2 5.5 6.2 6.8 7.4 7.6 2.4 1.6 67.2 71.8
World 7.7 8.2 8.9 9.6 10.2 10.5 2.8 1.3 100.0 100.0

mboe/d, %

Source: OPEC

 

Table 2.12

Biomass demand by region, 2022-2045
  Levels (mboe/d) Growth (mboe/d) Growth (% p.a.) Share (%)
  2022  2025 2030 2035 2040 2045 2022-2045 2022-2045 2022 2045
OECD Americas 2.8 3.0 3.2 3.5 3.7 4.0 1.2 1.6 10.6 11.4
OECD Europe 3.4 3.7 4.1 4.5 4.9 5.2 1.8 1.9 12.9 14.8
OECD Asia-Pacific 0.6 0.6 0.7 0.7 0.8 0.8 0.2 1.5 2.1 2.3
OECD 6.8 7.3 8.0 8.7 9.4 10.1 3.2 1.7 25.6 28.5
China 2.8 3.1 3.6 3.9 4.2 4.4 1.6 2.0 10.6 12.6
India 3.9 4.0 4.1 4.2 4.2 4.2 0.3 0.4 14.6 11.9
OPEC 2.5 2.5 2.6 2.7 2.8 2.9 0.4 0.7 9.4 8.2
Other DCs 10.0 10.5 11.3 12.0 12.6 12.7 2.7 1.0 37.8 36.0
Russia 0.2 0.2 0.3 0.3 0.4 0.4 0.2 3.0 0.8 1.2
Other Eurasia 0.3 0.3 0.4 0.4 0.5 0.5 0.2 2.2 1.2 1.5
Non-OECD 19.8 20.7 22.2 23.5 24.6 25.2 5.4 1.1 74.4 71.5
World 26.6 27.9 30.2 32.3 34.1 35.2 8.6 1.2 100.0 100.0

mboe/d, %

Source: OPEC

 

Table 2.13

'Other renewables' demand by region, 2022-2045
  Levels (mboe/d) Growth (mboe/d) Growth (% p.a.) Share (%)
  2022  2025 2030 2035 2040 2045 2022-2045 2022-2045 2022 2045
OECD Americas 1.4 1.9 3.1 4.3 5.6 6.9 5.5 7.1 18.0 16.4
OECD Europe 1.9 2.4 3.4 4.3 5.0 5.7 3.8 5.0 23.6 13.5
OECD Asia-Pacific 0.5 0.8 1.2 1.7 2.2 2.8 2.2 7.4 6.7 6.5
OECD 3.8 5.0 7.6 10.3 12.9 15.4 11.6 6.2 48.3 36.5
China 2.2 3.3 5.4 7.7 9.7 11.8 9.5 7.5 28.0 27.9
India 0.3 0.6 1.1 1.8 2.7 3.9 3.6 11.5 4.0 9.2
OPEC 0.1 0.3 1.3 2.4 3.8 4.9 4.8 21.6 0.7 11.5
Other DCs 1.4 1.9 2.7 4.1 5.7 4.5 3.1 5.2 17.9 10.8
Russia 0.0 0.0 0.1 0.2 0.4 0.6 0.6 17.8 0.2 1.3
Other Eurasia 0.1 0.1 0.2 0.4 0.7 1.2 1.1 13.6 0.8 2.8
Non-OECD 4.1 6.2 10.8 16.5 22.9 26.8 22.7 8.5 51.7 63.5
World 7.9 11.2 18.5 26.7 35.8 42.2 34.3 7.5 100.0 100.0

mboe/d, %

Source: OPEC