Oil to Retain Lion's Share in Energy Sector in Coming Years

Experts of the Organization of Petroleum Exporting Countries examined on Thursday forecast developments in the oil sector in the foreseeable future at Kazakhstan Energy week held in Astana.

According to the examined report, excerpts of which were published by OPEC today, global energy demand would grow by 23 percent by 2050, with oil retaining its lion's share in the global energy sector by a forecast proportion of 30 percent.

The demand is also projected to hit 123 million barrels per day by onset of the middle of the current century.

The analysis is based on recent developments in the oil and economic sectors, namely major changes in the energy policies, with decision makers seeking to balance between the energy security, ability to bear the costs and pollutants' emissions.

OPEC publishes global projections annually since 2007.