BAKU, Azerbaijan, October 1. OPEC has projected a slight decline in overall energy demand in OECD countries over the coming decades, despite a short-term increase, Trend reports.
According to OPEC’s latest outlook, energy demand is expected to rise modestly from 107.1 million barrels of oil equivalent per day (mboe/d) in 2023 to 108.1 mboe/d by 2030. However, a gradual decline is anticipated in the following years, with demand falling to 106.6 mboe/d by 2050, reflecting an overall decrease of 0.6 mboe/d during the forecast period.
Natural gas, which remains a crucial part of the OECD’s energy mix, is expected to see relatively stable demand through 2040, followed by a slight decrease by 2050. OPEC estimates that natural gas consumption will dip from 30.2 mboe/d in 2023 to 29 mboe/d by 2050. This is driven largely by a decline in European gas demand, expected to drop by 1.8 mboe/d, while demand in OECD Americas is forecast to increase marginally by 0.5 mboe/d.
Despite the slight decrease in gas demand, natural gas continues to be favored by many OECD nations as they focus on reducing carbon emissions and transitioning away from coal. The fuel plays a critical role in supporting renewable energy expansion and ensuring stable baseload power. Notably, Germany has announced plans to build up to 25 GW of new combined cycle gas turbine (CCGT) capacity by 2030, aimed at replacing coal plants and bolstering its energy transition efforts.