OPEC'S WORLD OIL OUTLOOK TO 2050.

Source: Imperio GE

The Organization of the Petroleum Exporting Countries (OPEC) has published its forecasts for global oil demand in the medium and long term in an annual perspective. Its World Oil Outlook 2024 report, published on Tuesday, September 24, highlights growth led by India, Africa and the Middle East and a slower shift towards electric vehicles and cleaner fuels.

“Future energy demand lies in the developing world due to increasing population, middle class and urbanization,” said OPEC Secretary General Haitham Al Ghais during the launch of the report in Brazil.

OPEC expects global oil demand to reach 118.9 million barrels per day (bpd) by 2045, about 2.9 million bpd higher than expected in last year's report. The report extended its timeline to 2050 and expects demand to reach 120.1 million bpd by then.

This figure is well above other industry forecasts for 2050. BP expects oil consumption to peak in 2025 and fall to 75 million bpd in 2050. Exxon Mobil expects demand to remain above 100 million bpd through 2050, a level similar to today.

A longer period of rising consumption would be a boost for OPEC, whose 12 members rely on oil revenues. In support of its view, OPEC said it expects further rollbacks on “ambitious” clean energy targets, and cited plans by several global automakers to scale back electrification targets, Reuters reported.