BAKU, Azerbaijan, July 12. 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, according to the latest long-term energy outlook released by the Organization of the Petroleum Exporting Countries (OPEC), Trend reports.
India will be the single largest contributor to this growth, adding 8 mboe/d over the period. Other Asia (excluding China and India) will add another 5 mboe/d, followed by the Middle East with 4.4 mboe/d, and Africa with 4.1 mboe/d.
OPEC attributes this growth to urbanization, population increases, and economic development. Rising incomes will lead to higher car ownership and increased domestic and international travel, while expanded industrial and agricultural activity will boost demand for oil-powered machinery.
In contrast, oil demand in OECD countries is expected to decline by nearly 8 mboe/d by 2050. After peaking in the early 2030s, OECD demand is projected to fall from 39.1 mboe/d in 2024 to 31.1 mboe/d in 2050, reflecting a shift toward electrification, improved efficiency, and alternative energy adoption.
OECD Europe and Asia-Pacific will see the largest declines, shrinking by 3.8 mboe/d and 1.7 mboe/d respectively. OECD Americas, which currently holds the highest share of demand within the OECD group, will also contract modestly by 2.8 mboe/d.
