VIENNA, Austria – The 2024 OPEC World Oil Outlook (WOO) was launched at the ROG.E conference in Rio de Janeiro, Brazil. First published in 2007, and now in its 18th edition, the Organization’s flagship annual publication offers a detailed review and assessment of the medium- and long-term prospects for the global oil and energy sectors.
This year’s publication sees the timeframe extended to 2050 with energy demand set to increase by 24 percent and oil demand reaching 120.1 million barrels a day by the end of the forecast period. The analysis and key findings take on board recent energy and economic-related developments, particularly the interplay between energy security, energy affordability and the need to reduce emissions, as well as the role of existing and new technologies being developed and deployed.
The publication also underlines the need for all energies to address future energy needs, the significance of ensuring that necessary investments are made, which is linked to providing the right enabling environment, and the importance of bringing modern energy services to billions that continue to go without.
OPEC secretary-general, HE Haitham Al Ghais, said it was a great honour to launch the WOO 2024 in Brazil at such a major energy conference. “It all highlights the positive and ever-expanding cooperation between Brazil and OPEC, which is further underscored through the Charter of Cooperation (CoC) between OPEC and non-OPEC countries.”
HE Al Ghais also offered support for Brazil’s Presidency of the G20 in 2024 and its hosting of COP30 in 2025, stating that the back-to-back events “demonstrated Brazil’s unwavering commitment to finding solutions to issues of great importance and scale.”
From OPEC’s perspective, he added that the launch of the WOO 2024 is a core part of finding solutions to the energy challenges and opportunities before the world. “The Outlook is central to OPEC’s embrace of transparency through dialogue and cooperation, and in helping provide a better understanding of all the intertwined issues that filter into our energy futures.”
The price of OPEC basket of twelve crudes stood at $74,90 a barrel on Wednesday, compared with $75,12 the previous day, according to OPEC Secretariat calculations (view archives).
The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basrah Medium (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).
