OPEC Sees Global Oil Demand Reaching 123M Bpd by 2050


   
    

   DAVENPORT, FL (DTN) ---- The Organization of the Petroleum Exporting 
Countries on Wednesday released its 2025 edition of the World Oil Outlook 
projecting global oil demand would reach nearly 123 million bpd by 2050, 
supported by rising energy needs across developing economies and sustained 
consumption growth in the transportation and industrial sectors.

   The report, released during the 9th OPEC International Seminar in Vienna, 
forecasts a 23% increase in total global energy demand through 2050, with oil 
maintaining a central role in the long-term energy mix despite evolving policy 
and environmental pressures. This year's WOO integrates recent geopolitical and 
economic developments, highlighting the challenges of balancing energy 
security, affordability, and emissions reductions.

   "The world requires more energy in the decades to come," said OPEC Secretary 
General HE Haitham Al Ghais, emphasizing that "the world will continue to need 
all energies" to meet future demand in a secure and stable manner. He added 
that emerging economies, particularly in the non-OECD world, will be the 
primary drivers of energy growth over the coming decades.

   While short and medium-term oil demand growth remains steady, OPEC's 
long-term outlook reinforces the view that hydrocarbons will continue to play a 
major role through mid-century, with demand supported by population growth, 
urbanization, and economic expansion in key developing regions.




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