Global oil demand to hit 113.3 million barrels daily by 2030

Global oil demand is expected to continue its strong growth trajectory in the medium and long term, reaching 113.3 million barrels per day by 2030 and further climbing to 124.1 million bpd by 2050. This projection comes from the Organization of the Petroleum Exporting Countries (OPEC) in its World Oil Outlook 2026 report.

The primary engine for this surge will be non-Organization for Economic Co-operation and Development (OECD) countries. Their demand is forecast to increase by 7.4 million bpd between 2025 and 2030, and significantly more, by 26.9 million bpd, between 2025 and 2050. In contrast, demand from OECD nations is anticipated to grow by only about 0.7 million bpd by 2030, followed by a long-term contraction of nearly 8 million bpd between 2025 and 2050.

India is identified as a key driver of long-term oil demand growth, contributing an estimated 8.1 million bpd increase between 2025 and 2050. Other significant contributors include other Asian countries (5.3 million bpd), West Asia (4.7 million bpd), Africa (4.3 million bpd), and Latin America (2.8 million bpd). China's demand is projected to add 1.1 million bpd in the same period.

Looking at specific sectors, the transportation sector, including road and air travel, along with the petrochemical industry, will lead demand growth until 2050. Road transport demand is particularly influenced by the expanding global vehicle fleet, expected to grow from 1.75 billion units in 2025 to around 3 billion by 2050. Despite the rise of electric vehicles, internal combustion engine vehicles are predicted to still dominate, holding approximately 73 percent of the market share in 2050.