Oil is here to stay with global demand set to jump 23% to 110 million barrels a day by 2045, OPEC says

• Global oil demand is set to rise to 110 million barrels a day by 2045, according to OPEC.
• That's because oil is "irreplaceable" and widespread migration is expected over the next seven years.

Global appetite for crude oil is likely to surge 23% to 110 million barrels a day by 2045, according to the Organization of the Petroleum Exporting Countries.

During an Energy Asia conference on Monday, OPEC Secretary General Haitham Al Ghais explained the oil cartel's world forecast was rooted in the fact that "oil is irreplaceable for the foreseeable future," according to CNBC.

Al Ghais added that a lack of funding in the oil industry would spark "energy chaos" given 500,000 people are expected to migrate around the world between now and 2030.

"Gas hydro, nuclear hydrogen and biomass will expand. But it is clear that oil remains an integral part of the mix," Al Ghais said, per the outlet.

The estimated rise in oil demand stands to put upward pressure on crude prices that have steadily dropped from their March 2022 highs of $120 a barrel when Russia's war with Ukraine broke out.

On Monday, Brent crude, the international benchmark, rose 0.14% to $74.11 a barrel as of 5 a.m. ET. Meanwhile, West Texas Intermediate traded down 0.03% to $69.14 a barrel.

Oil prices have fallen over the past year as global producers and distributors have recovered from pandemic disruptions and tweaked their supply chains to partly offset the impact of the Russia-Ukraine conflict. Reduced demand in summer, and higher interest rates and painful inflation spurring consumers and businesses to cut back on their energy usage, may also have played a role.

Unsurprisingly, OPEC hasn't cheered the declining prices, with one analyst predicting Saudi Arabia could cut production if Brent futures fall below $70 a barrel.