"Global oil demand is set to reach a level of 110.2 million barrels a day (mb/d) in 2028, representing an increase of 10.6 mb/d compared to 2022. Non-OECD oil demand is expected to increase by a robust 10.1 mb/d, reaching a level of 63.7 mb/d by 2028. OECD demand will also increase by 0.5 mb/d over the medium-term," the report read.
In the long-term, the organization expects global oil demand to increase by more than 16 million barrels per day between 2022 and 2045, rising from 99.6 million barrels per day in 2022 to 116 million barrels per day in 2045, the report added.