OPEC Extends Oil Demand Outlook to 2050, Sees No Peak Demand, Projects 120.1 Million Barrels by 2050

Sep 24, 2024, 05:22 PM

OPEC has extended its oil demand outlook to 2050, projecting no peak demand on the horizon. The organization has raised its oil demand forecasts for the medium term to 2028 and the long term to 2045. OPEC estimates that global oil demand will reach 120.1 million barrels per day by 2050, an increase of 18% from current levels. The total investment needed in the oil sector through 2050 is projected to be $17.4 trillion, up from the $14 trillion estimated for 2045 in 2023. OPEC also forecasts that global oil demand will reach 112.3 million barrels per day in 2029, representing a strong increase of 10.1 million barrels per day compared to 2023. Additionally, global primary energy demand is set to increase by 24% over the outlook period. OPEC's bullish outlook contrasts with other major industry forecasters who predict that oil demand will peak within the next decade.