OPEC projects oil demand to keep rising through 2050

The Organization of the Petroleum Exporting Countries (OPEC) projects global oil demand will continue rising for decades, with no peak in sight, according to its latest long-term outlook. The forecast, released on Thursday, June 18, 2026, sees consumption climbing from 105.1 million barrels per day in 2025 to 113.3 million by 2030 and reaching 124.1 million barrels per day by 2050.

This bullish view directly contradicts projections from the International Energy Agency (IEA), which has forecast global oil demand could peak as soon as 2029 and plateau at around 113 million barrels per day by mid-century. The roughly 11 million barrel per day gap between the two organizations' 2050 estimates underscores a fundamental debate over the world's energy future.

OPEC Secretary General Haitham Al Ghais said the group's outlook is driven by expectations that global primary energy demand will keep expanding, with growth coming almost entirely from developing economies. He cited population growth, urbanization, industrialization, and rising electricity needs from data centers as key drivers. India alone is projected to add 8.1 million barrels per day of demand by 2050, with other significant...