Just two days after her prediction International Energy Agency (IEA) increase demand for oil by 8 million barrels per day by 2030, about OPEC is revising upward its own forecasts and estimates that demand for “black gold” will increase both immediately and over time. The International Oil Cartel echoes the IEA’s estimates as it estimates that US$12.1 trillion in investment will be required. US dollars by 2045 to meet oil demand. He even warns that it will be dangerous for the world to move away from fossil fuels.

Many believe that demand for oil will peak at the end of the decade and then begin to decline as humanity turns to renewable sources. At the same time, according to OPEC estimates, the consumption of “black gold” will grow by 13%, reaching 109.5 million barrels per day by 2035, and will remain at these levels for about another ten years. He also assesses that there will be large spending on infrastructure investment and characterizes the lack of investment in the global oil industry recorded in recent years due to the pandemic, on the one hand, and the change in financing policy, as a “serious cause for concern”. fossil fuel projects on the other.

The IEA issued similar warnings two days earlier when it stressed that without new and long-term investment in oil exploration and production projects, the world economy would run into severe deficits from the middle of this decade. In its annual report, the IEA indicates that investment in the oil industry has declined significantly in recent years and estimates that production from existing oil fields will decline by 18 million barrels per day by 2030. This loss is projected to be offset only if production is increased by 6 million barrels per day in the US, Saudi Arabia and Brazil. As for the IEA’s estimate of demand growth of 8 million barrels per day by 2030, it assumes a large oil shortage since the middle of this decade.