World Oil Outlook 2050

OPEC

Research

3 Pages

OPEC examines how global oil demand could evolve through 2050, arguing that population growth and rising living standards will keep oil central to the energy mix for decades. The report projects no peak in oil demand, with emerging economies driving nearly all long term growth while transportation and petrochemicals remain the largest sources of new consumption.

Key Takeaways

Demand growth: Global oil demand is projected to increase from 105.1 mb/d in 2025 to 124.1 mb/d by 2050, a gain of 19.0 mb/d.
Emerging markets: India adds 8.1 mb/d of demand by 2050, while OECD oil demand declines by almost 8 mb/d, shifting consumption toward developing economies.
Transport leads: Road transportation, petrochemicals, and aviation contribute 5.7 mb/d, 4.6 mb/d, and 4.2 mb/d of incremental demand, with ICE vehicles still comprising 73% of the global fleet in 2050.
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