Will Oil Demand Hit 123 Million Barrels Per Day By 2050 As OPEC Says?
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(Photo: Bob Riha, Jr.) Getty Images Earlier this month, the Organization of Petroleum Exporting Countries made yet another attempt to counter energy market chatter about oil demand peaking over the medium- to long-term. At its biennial international seminar in Vienna, Austria from July 9 to 10, the oil producers’ group said there was ample evidence in the market for the long-term need for black gold. This need has now reached a point of definitiveness that no one is talking about peak oil demand any more if OPEC’s World Oil Outlook 2050 – a fresh assessment report on emerging energy market trends – is to be believed. In the foreword of the report, published just before the conclusion of the seminar, OPEC Secretary General Haitham Al Ghais said: “There is no peak oil demand on the horizon,” given that “oil underpins the global economy and is central to our daily lives.” That said the producers’ group actually cut its global oil demand forecasts for the next four years faced with lower growth in China, a spread of electric vehicles in key markets, and an uncertain macroeconomic climate in the OECD countries. However, it lifted its longer-term view. Crude Projections On Oil Demand That view is based on an assumption that oil will remain “indispensable” in supporting the economic progress of developing countries, and ensuring the steady output of mission critical hard-to-abate sectors like heavy industry, aviation and haulage. As for the projection figures, the OPEC report forecast that oil demand will average 105 million barrels per day this year. It then expects demand to grow to average 106.3 million bpd in 2026, and then rise to 111.6 million bpd in 2029, and continue rising to as high as 123 million bpd by 2050. ForbesOil Market Heading For Surplus In 2025 On…
Filed under: News - @ July 19, 2025 4:30 pm