OPEC forecasts global oil demand to rise through 2050

The Organization of the Petroleum Exporting Countries (OPEC) has forecast global oil demand to reach 123 million b/d by 2050, marking a growth of more than 19 million b/d since 2024.

IMAGE: OPEC's logo. Getty Images

“There is no peak oil demand on the horizon,” OPEC’s Secretary General Haitham Al Ghais said in the group’s latest World Oil Outlook (WOO).

Non-OECD countries are expected to account for the majority of this growth, with demand rising by 28 million b/d over the period, OPEC said.

OPEC projects Asia, Africa and the Middle East to be the key drivers of long-term oil demand growth.

“China’s oil demand is projected to increase by less than 2 mb/d over the same time horizon,” it said.

Meanwhile, demand from OECD nations is projected to fall by 8.5 million b/d during the forecast period, it said.

Over the medium-term period, the group expects world oil demand to grow by 9.6 million b/d, increasing from 103.7 million b/d in 2024 to 113.3 million b/d by 2030.

By Shilpa Sharma

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