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Global oil demand to rise by nearly 19.2 mln bpd by 2050 to 123 mln bpd — OPEC

The most significant demand growth is expected in India, where consumption is projected to rise by 8.2 mln bpd

VIENNA, July 10. /TASS/. Global oil demand could increase by nearly 19.2 mln barrels per day (bpd) from 2024 levels, reaching 123 mln bpd by 2050, according to the latest long-term forecast in the OPEC World Oil Outlook.

In last year’s forecast, the organization projected that oil demand would rise by 18 mln bpd from 2023 levels to 120.1 mln bpd by 2050.

The most significant demand growth is expected in India, where consumption is projected to rise by 8.2 mln bpd. Other key contributors to the increase include other Asian nations, as well as Middle Eastern and African countries. Collectively, these regions, along with India, will account for a demand increase of 22.4 mln bpd by 2050. In contrast, OPEC forecasts that oil demand in China will rise by only 1.8 mln bpd, with most of this growth occurring in the medium term before 2030. Meanwhile, oil demand in OECD member countries is projected to decline by 8.5 mln bpd by 2050.

According to the OPEC outlook, global oil demand will reach 113.3 mln bpd by 2030, marking a 9.6 mln bpd increase from 2024. Most of this growth, 8.6 mln bp, will come from non-OECD countries, while OECD nations will account for just a 1 mln bpd rise in demand.

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