The Future of Oil to 2050 | Idea Farm

The Future of Oil to 2050

Morningstar

Research

40 Pages

December 2025

US oil production demand is expected to be resilient throughout the mid-century, despite the energy transition to electrification.

Date published: November 2025

Key Takeaways

Demand Growth: Oil demand growth is expected to continue for the next five years without substantial declines until the second half of the 2030s. In 2050, they expect oil demand to be just 8% below 2024 levels.

Price Forecast: As a result of their demand outlook, they recently upgraded our midcycle oil price to $65 per barrel from $60 (Brent).

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