Ukrainian Institute for the Future published a study on the prospects of the use of oil and refined petroleum products in the next few decades.
Experts came to the conclusion that despite the development of alternative energy sources, the demand for oil will grow. If in 2016 world oil consumption amounted to 43 million barrels per day, by 2040 it will increase to 50.1 million barrels.
“By 2022, the annual growth will be 1.3-1.8 million barrels per day. In 2023-2026, the economy factors will be involved and the demand will grow by 0.4-0.6 million barrels per day. Only in 2027 gradual drop-off will begin. And still, we will need 10% more oil than now, ” Andriy Tarasenko, associate expert of the Ukrainian Institute for the Future, said.
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