Global energy demand to rise, oil to remain central through 2045

Global energy demand is projected to rise significantly in the coming decades, with oil remaining a central component of the global mix. Analysts anticipate that world oil consumption could reach about 110 million barrels per day by 2045, a forecast echoed by industry leaders and energy researchers as they discuss evolving supply, demand, and pricing dynamics. The broader energy landscape is also expected to expand, with overall energy demand climbing roughly a quarter by the mid-2040s, driven by economic growth, expanding electrification, and increased industrial activity in emerging markets. This outlook reflects a balance between traditional fossil fuels and cleaner energy options that are gradually gaining scale and capital investment. The figure of 110 million barrels per day illustrates a continued reliance on oil, even as policy makers and the private sector accelerate investments in alternative energy sources to diversify supply and improve resilience in energy systems.