OPEC Sees Global Oil Demand Rising to 124 Million Barrels Per Day by 2050

Global oil demand is on track to climb to 124.1 million barrels per day by 2050, according to the latest World Oil Outlook 2026 report from the Organization of the Petroleum Exporting Countries (OPEC).

The report forecasts demand to reach 113.3 million barrels per day by 2030, up from 105.1 million barrels per day in 2025. The primary engine for this growth will be non-OECD countries, particularly India, other Asian nations, the Middle East, Africa, and Latin America. These regions are expected to increase their oil consumption by 7.4 million barrels per day between 2025 and 2030, and by 26.9 million barrels per day by 2050. In contrast, demand within OECD countries is projected to see a modest increase of about 0.7 million barrels per day by 2030, followed by a long-term decline of nearly 8 million barrels per day between 2025 and 2050.

“

The primary driver for this is non-OECD countries, where demand increases by 7.4 mb/d between 2025 and 2030, and 26.9 mb/d between 2025 and 2050. OECD demand is expected to increase by around 0.7 mb/d in the period to 2030 but decline in the long term. The OECD decline is almost 8 mb/d between 2025 and 2050.

OPEC does not foresee a peak in oil demand within this timeframe. Instead, the organization projects that oil will maintain its position as the world's dominant energy source through mid-century, representing nearly 30% of the global energy mix in 2050. Combined with natural gas, oil and gas are expected to account for approximately 54% of the global energy mix by 2050.

Overall global primary energy demand is anticipated to rise by 23% between 2025 and 2050, increasing from about 312 million barrels of oil equivalent per day to nearly 383 million. This expansion is expected to be almost entirely fueled by developing countries, driven by population growth, increasing urbanization, and ongoing economic expansion. OPEC Secretary General Haitham Al Ghais emphasized the need to embrace all energy sources, stating, “The future is not one in which the world can choose some energies while disregarding others. The scale of humanity’s energy consumption means that we need to embrace all available energy sources.”

“

The future is not one in which the world can choose some energies while disregarding others. The scale of humanity’s energy consumption means that we need to embrace all available energy sources. Indeed, just as our energy history was one of additions – a fact that was particularly evident in 2025, when oil, gas, coal and renewables all reached record demand levels – our energy future will be too.