|OPEC's logo at the organization's headquarters in Vienna, Austria (Photo: AFP/VNA)
Developing countries will fuel demand even while consumption begins to decline in wealthier nations after 2023, according to a report by the World Oil Outlook.
Demand is forecast to grow from 90.6 million barrels per day in 2020 to 108.2 million barrels per day in 2045. Global demand is expected to rise faster over the next few years before slowing and nearly plateauing after 2035, when it will have reached 107.9 million barrels per day.
Brent crude oil prices jumped above 80 USD per barrel for the first time in almost three years on expectations of surging demand and concerns about tight supplies as the world begins to emerge from the pandemic crisis.