OPEC Extends Oil Demand Outlook to 2050, Calls Phaseout a 'Fantasy', $17.4 Trillion Investment Needed

Sep 24, 2024, 05:09 PM

OPEC has extended its global oil demand outlook to 2050, asserting that there is no peak demand on the horizon and calling the phaseout of oil a 'fantasy.' The organization has raised its oil demand forecasts for the medium term to 2028 and the long term to 2045. According to OPEC's latest World Oil Outlook, global oil demand is projected to reach 112.3 million barrels per day (mb/d) in 2029 and more than 120 million barrels per day in 2050. The total oil sector investment needed to 2050 is estimated at $17.4 trillion, compared to the $14 trillion estimated for 2045 in 2023. Additionally, global primary energy demand is set to increase from 301 million barrels of oil equivalent per day (mboe/d) in 2023 to 374 mboe/d in 2050, an increase of 24% over the outlook period.