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Global oil demand could reach 120.1 mln bpd in 2050 — OPEC

The organization also forecasts that oil demand would reach 112.3 mln bpd in 2029, an increase of 10.1 mln bpd from 2023

MOSCOW, September 24. /TASS/. Global oil demand in 2050 may increase by almost 18 mln barrels per day (bpd) compared to 2023 levels and reach 120.1 mln bpd, according to OPEC's long-term World Oil Outlook.

The organization also forecasts that oil demand would reach 112.3 mln bpd in 2029, an increase of 10.1 mln bpd from 2023. At the same time, OPEC emphasizes that there will be a noticeable contrast between continued demand growth in non-OECD countries and stagnating demand in OECD countries.

Thus, according to OPEC's forecast, from 2023 to 2029, oil demand in non-OECD countries will grow by 9.6 mln bpd to reach 66.2 mln bpd, while demand in OECD countries will hover around 46 mln bpd.

In the long term, from 2023 to 2050, oil demand growth in non-OECD countries will be 28 million bpd, while it may already be declining in OECD countries.

According to the data cited in the OPEC report, India's oil demand could grow the most from 2023 to 2050 by 8 mln bpd. In China, demand growth could be 2.5 mln bpd, in other Asian countries - 5.2 mln bpd, in Latin America - 3 mln bpd, in the Middle East and Africa - 4.4 mln bpd, and in Russia - 0.2 mln bpd.

According to OPEC forecasts, the world's demand for energy resources will increase by 24% by 2050. Oil will remain the most popular type of resource at that time, with a share of 29.3%. At the same time, the share of renewable energy sources will increase from 3.2% in 2023 to 14% in 2050, while the share of coal will decrease from 25.9% to 13.1%. The main driver of growth in demand for energy resources by 2050 will be India - demand in this country may increase more than 2-fold to 43 mln barrels of oil equivalent per day.

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