Bottomline: Oil demand growth is RELENTLESS, goes up by over a million bpd each year. Oil-based transportation fuels are the primary driver of demand, but millions of products that support our standard of living are made from oil. EVs have not and will not cause oil demand to go on decline. Oil, gas and coal will still be ~80% of primary energy in 2050. All forms of energy will need to increase.
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OPEC sees global oil demand at almost 123 mb/d in 2050
The 2025 OPEC World Oil Outlook (WOO) was launched today at the 9th OPEC International Seminar. First published in 2007, and now in its 19th edition, the Organization's flagship annual publication offers valuable insight on the medium- and long-term prospects for the global oil and energy sectors.
This year's publication sees that the world will require more energy in the decades to come, with global energy demand set to be expand by 23% to 2050.
Global oil demand is set for continued robust growth, reaching almost 123 mb/d by 2050. The analysis and key findings take on board recent energy and economic-related developments, particularly the substantial shifts in energy policy as decision-makers address the challenges of energy security, energy affordability and the need to reduce emissions.
The publication also underlines the need for all energies to address future energy needs, the significance of ensuring that necessary investments are made, which is linked to providing the right enabling environment, and the importance of bringing modern energy services to billions that continue to go without.
OPEC Secretary General, HE Haitham Al Ghais, said that the world requires more energy in the decades to come, and "for this to be available in a secure, stable and realistic manner that the world will continue to need all energies".
Dan Steffens
Energy Prospectus Group |
