OPEC: Global oil demand to increase 23% by 2050

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

Oil rig in Luling, Texas, USA. Photo: THX/TTXVN

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 people.

By 2050, more than 1.2 billion people will live in cities, Mr. Baikalizadeh said. Rising costs will also spur economic growth in OECD countries, leading to higher demand for oil.

He added that while steady progress in the oil sector will help improve efficiency and reduce costs, the industry has yet to see any major technological breakthroughs.

According to the outlook, renewables are expected to account for 13.5% of the global energy mix by 2050. Meanwhile, the share of coal and other sources will fall by 13%. As coal is phased out, coal generation is expected to fall to 3.2 TWh, driving the share of alternative energy up from 24% to 65.5%.

Source: https://baotintuc.vn/kinh-te/opec-nhu-cau-dau-mo-toan-cau-tang-23-vao-nam-2050-20251003092904397.htm