Global oil demand will increase to 378 million barrels/day by 2050

VTV.vn - Global oil demand is increasing because the world population is expected to increase from 8.2 billion to 9.7 billion people.

Illustration photo.

The Organization of the Petroleum Exporting Countries (OPEC) has just released a global oil market outlook report, forecasting that global demand will increase by 23%, from 308 million barrels of oil per day to 378 million barrels per day by 2050.

Presenting OPEC's global oil market outlook at the Kazakhstan Energy Week 2025 and the 16th Kazenergy Eurasian Forum in Kazakhstan's capital Astana, Behrooz Baikalizadeh, Head of OPEC's Petroleum Research Department, said the global oil demand is growing as the world's population is expected to increase from 8.2 billion to 9.7 billion.

By 2050, more than 1.2 billion people will live in cities, Mr. Baikalizadeh said. Rising costs will also spur economic development in countries of the Organization for Economic Cooperation and Development, which will increase demand for oil. He added that while steady progress in the oil sector will improve efficiency and reduce costs, the industry has not yet seen major technological breakthroughs.

According to OPEC’s report, renewable energy is expected to account for 13.5% of the global energy mix by 2050. Meanwhile, the share of coal and other sources will decrease by 13%. As coal is gradually phased out, coal-based electricity production is expected to fall to 3.2 TWh, causing the alternative energy share to increase from 24% to 65.5%.

Source: https://vtv.vn/nhu-cau-dau-mo-toan-cau-se-tang-len-378-trieu-thung-ngay-vao-nam-2050-100251003152415152.htm