OPEC: Global Oil Demand to Continue Rising Through 2050

SEATTLE (Oil Monster): The Organization of Petroleum Exporting Countries (OPEC) recently published its annual long-term outlook, which said that global oil demand will continue to rise until the middle of the century. The demand forecasts were greater than the previous year's report.

According to an OPEC estimate, global oil consumption is expected to increase by 18% to 120.1 million barrels per day (b/d) by 2050, up from 102.2 million in 2023. This is in contrast to the view expressed by numerous authorities, notably the International Energy Agency (IEA), that oil demand may peak during the next decade due to the anticipated shift to electric vehicles and renewable energy.

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It should be mentioned that the IEA has stated that global oil demand growth will most likely remain below 1 million barrels per day in the near future, peaking before 2030.

To achieve expected demand by 2050, the industry will need a total of $17.4 trillion in upstream and downstream projects, OPEC stated.

Outside OPEC, production is expected to increase by 1.2 million b/d per year through 2029, driven by expansion in the United States, Brazil, and Canada, as well as Argentina, Norway, and Qatar. Non-OPEC+ supply will peak at 59 million b/d in the early 2030s before declining to 57.3 million b/d by 2050.