OPEC: Global Oil Demand Will Reach 123 Million Barrels Per Day by 2050

OPEC revealed its 2025 Oil Demand Outlook report, which showed that oil will continue to lead the global energy mix.

According to the report released Thursday, the Organization of the Petroleum Exporting Countries expects global energy demand to rise to 378 million barrels of oil equivalent by 2050.

According to CNBC, OPEC indicated that demand for all forms of energy will rise by 2050 except for coal, stressing that the oil industry requires investments exceeding $18 trillion by 2050.

OPEC confirmed that oil will continue to lead the global energy mix by 2050, accounting for approximately 30% of the total, while the share of oil and gas in the energy mix will remain above 50% by 2050. The report added: The share of renewable energy in the energy mix will constitute 13.5% by 2050.

Concerning demand levels, OPEC indicated that oil demand will continue to grow to 113.3 million barrels per day by 2030, reaching 123 million barrels per day in 2050.

It is worth noting that the world’s population is expected to increase by 1.5 billion to 9.7 billion by 2050, while the size of the global economy will double to $358 trillion by 2050.

OPEC emphasized that India will represent the primary source of long-term oil demand growth, as oil demand from the Asian country is expected to grow by 8.2 million barrels per day between 2024 and 2050.