Global Oil Demand on the Rise

The Organization of Petroleum Exporting Countries (OPEC) has released its 2025 World Oil Outlook 2050, projecting a significant increase in global oil demand. By 2050, the demand is expected to reach 123 million barrels per day (mb/d), marking an increase of nearly 19.2 mb/d from 2024 levels.

Factors Driving the Demand

OPEC highlights several factors contributing to this surge, including the United States' withdrawal from the Paris Agreement. This decision is anticipated to influence climate change discussions and boost the demand for hydrocarbons. In the medium term, oil demand is forecasted to grow by 9.6 mb/d by 2030, driven by policy changes and a robust economic outlook.

Key Contributors to Growth

The report identifies India, Other Asia, the Middle East, and Africa as the primary regions fueling the demand increase. Together, these areas are expected to account for a 22.4 mb/d rise in oil consumption between 2024 and 2050.