BAKU, Azerbaijan, July 12. Global oil demand is forecast to rise significantly by 2050, propelled almost entirely by developing economies, according to the latest long-term energy outlook released by the Organization of the Petroleum Exporting Countries (OPEC), Trend reports.
The report projects global oil demand to increase from 94.3 million barrels of oil equivalent per day (mboe/d) in 2024 to 112.4 mboe/d by 2050 – a total rise of 18.2 mboe/d.
This growth is driven by the ongoing expansion of the petrochemical and aviation sectors, along with increasing road transport and residential energy use in emerging markets. In 2024 alone, global demand grew by 1.3 mboe/d compared to the previous year, a trend expected to continue into the next decade.
According to the outlook, more than 26 mboe/d of new demand will come from non-OECD countries between 2024 and 2050. Non-OECD oil demand is projected to climb from 55.2 mboe/d to 81.3 mboe/d, accounting for nearly 72.3% of global oil demand by 2050, up from 58.5% today.
