Close Menu
  • Home
  • Market News
    • Crude Oil Prices
    • Brent vs WTI
    • Futures & Trading
    • OPEC Announcements
  • Company & Corporate
    • Mergers & Acquisitions
    • Earnings Reports
    • Executive Moves
    • ESG & Sustainability
  • Geopolitical & Global
    • Middle East
    • North America
    • Europe & Russia
    • Asia & China
    • Latin America
  • Supply & Disruption
    • Pipeline Disruptions
    • Refinery Outages
    • Weather Events (hurricanes, floods)
    • Labor Strikes & Protest Movements
  • Policy & Regulation
    • U.S. Energy Policy
    • EU Carbon Targets
    • Emissions Regulations
    • International Trade & Sanctions
  • Tech
    • Energy Transition
    • Hydrogen & LNG
    • Carbon Capture
    • Battery / Storage Tech
  • ESG
    • Climate Commitments
    • Greenwashing News
    • Net-Zero Tracking
    • Institutional Divestments
  • Financial
    • Interest Rates Impact on Oil
    • Inflation + Demand
    • Oil & Stock Correlation
    • Investor Sentiment

Subscribe to Updates

Subscribe to our newsletter and never miss our latest news

Subscribe my Newsletter for New Posts & tips Let's stay updated!

What's Hot

Hess exits deepwater exploration block in Suriname – Oil & Gas 360

July 10, 2025

Proposed oil spill response will measure rate of evaporation

July 10, 2025

Bousso – Oil & Gas 360

July 10, 2025
Facebook X (Twitter) Instagram Threads
Oil Market Cap – Global Oil & Energy News, Data & Analysis
  • Home
  • Market News
    • Crude Oil Prices
    • Brent vs WTI
    • Futures & Trading
    • OPEC Announcements
  • Company & Corporate
    • Mergers & Acquisitions
    • Earnings Reports
    • Executive Moves
    • ESG & Sustainability
  • Geopolitical & Global
    • Middle East
    • North America
    • Europe & Russia
    • Asia & China
    • Latin America
  • Supply & Disruption
    • Pipeline Disruptions
    • Refinery Outages
    • Weather Events (hurricanes, floods)
    • Labor Strikes & Protest Movements
  • Policy & Regulation
    • U.S. Energy Policy
    • EU Carbon Targets
    • Emissions Regulations
    • International Trade & Sanctions
  • Tech
    • Energy Transition
    • Hydrogen & LNG
    • Carbon Capture
    • Battery / Storage Tech
  • ESG
    • Climate Commitments
    • Greenwashing News
    • Net-Zero Tracking
    • Institutional Divestments
  • Financial
    • Interest Rates Impact on Oil
    • Inflation + Demand
    • Oil & Stock Correlation
    • Investor Sentiment
Oil Market Cap – Global Oil & Energy News, Data & Analysis
Home » OPEC Says Global Oil Consumption Will Hit 123 Million bpd by 2050
Futures & Trading

OPEC Says Global Oil Consumption Will Hit 123 Million bpd by 2050

omc_adminBy omc_adminJuly 10, 2025No Comments2 Mins Read
Share
Facebook Twitter Pinterest Threads Bluesky Copy Link


“There is no peak oil demand on the horizon,” OPEC Secretary General Haitham Al Ghais wrote in the foreword of OPEC’s latest World Oil Outlook (WOO), which sees global oil demand growing by about 19% from now until 2050 to reach 123 million barrels per day (bpd).

In view of slowing Chinese demand growth, OPEC revised down its oil demand growth forecasts for all years between 2025 and 2029.

However, global economic development with growing demand for oil and an increasing global population and middle class are set to underpin demand growth in the coming decades.

OPEC reiterated its view that there is no peak oil demand in sight and the world will see continued rising consumption for decades.

India will lead global oil demand growth through 2050, boosting consumption by 8.2 million bpd between 2025 and 2020. The Middle East and Africa will also be key demand growth drivers, according to OPEC’s view.

Moreover, oil demand will also be supported by U.S. President Donald Trump’s exit from the Paris Agreement.

“The US withdrawal from the Paris Agreement will impact climate change negotiations and would most likely result in higher demand for hydrocarbons in general, and oil and gas in particular,” OPEC said in the World Oil Outlook as cited by Bloomberg.

“Continued, and even marginally higher, oil demand in the US is to be expected over the medium-term period.”

OPEC’s view that there is no peak oil demand on the horizon contrasts with forecasts from the industry and the International Energy Agency (IEA). Many of the largest oil firms see demand plateauing at some point next decade, while the IEA has just doubled down on its narrative that a peak in global oil demand is still on the horizon.

Global oil demand is forecast to rise by 2.5 million bpd from 2024 to 2030, reaching a plateau around 105.5 million bpd by the end of the decade, per the IEA’s annual Oil 2025 report for the medium term. 

Annual global growth will slow from about 700,000 bpd in 2025 and 2026 “to just a trickle over the next several years, with a small decline expected in 2030, based on today’s policy settings and market trends,” the IEA said.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Source link

Share. Facebook Twitter Pinterest Bluesky Threads Tumblr Telegram Email
omc_admin
  • Website

Related Posts

EIA Backs up API With Shocking Rise of US Crude Oil Inventories

July 9, 2025

Oil Markets Brush Off the OPEC+ Production Push

July 8, 2025

OPEC+ to Complete Unwinding of Oil Output Cuts With Big September Hike

July 7, 2025
Add A Comment
Leave A Reply Cancel Reply

Top Posts

LPG sales grow 5.1% in FY25, 43.6 lakh new customers enrolled, ET EnergyWorld

May 16, 20255 Views

South Sudan on edge as Sudan’s war threatens vital oil industry | Sudan war News

May 21, 20253 Views

Trump’s 100 days, AI bubble, volatility: Market Takeaways

December 16, 20072 Views
Don't Miss

Proposed oil spill response will measure rate of evaporation

By omc_adminJuly 10, 2025

ASTM International is developing a standard (WK92298) that will provide a procedure to measure the…

Mach enters Permian, San Juan basins with $1.3 billion in acquisitions

July 10, 2025

Ørsted Raises $2.75B for Taiwan’s Greater Changhua 2 Offshore Wind Project

July 10, 2025

EU Parliament Rejects Deforestation Country Risk List, Escalating Pressure on EUDR Rollout

July 10, 2025
Top Trending

Iberdrola, Masdar to Co-Invest Over $6 Billion in UK Offshore Wind Project

By omc_adminJuly 10, 2025

ISS STOXX Launches New Climate Data Solution for Sovereign Portfolios

By omc_adminJuly 10, 2025

Guest Post – Inside Our Fundraise: Lessons from a Climate VC

By omc_adminJuly 10, 2025
Most Popular

The 5 Best Soundbars of 2025

May 6, 20251 Views

Energy Department Lifts Regulations on Miscellaneous Gas Products

May 2, 20251 Views

Elon Musk’s Grok 4 Predicts Dodgers to Win World Series

July 10, 20250 Views
Our Picks

EnergyX Expands Acreage in Smackover Lithium Region

July 10, 2025

Chevron Shifts from Local to Centralized Hubs to Cut Costs

July 10, 2025

Trafigura’s Greenergy Plans to Close UK Biodiesel Plant

July 10, 2025

Subscribe to Updates

Subscribe to our newsletter and never miss our latest news

Subscribe my Newsletter for New Posts & tips Let's stay updated!

Facebook X (Twitter) Instagram Pinterest
  • Home
  • About Us
  • Advertise With Us
  • Contact Us
  • DMCA
  • Privacy Policy
  • Terms & Conditions
© 2025 oilmarketcap. Designed by oilmarketcap.

Type above and press Enter to search. Press Esc to cancel.