(WO) — OPEC expects global oil demand to continue growing through mid-century, reaching 124 MMbpd by 2050, according to the organization’s newly released World Oil Outlook 2026.
The forecast comes as OPEC projects global energy demand will increase by 23% over the same period, driven by population growth, urbanization, economic development and rising living standards, particularly in developing economies.
The outlook reinforces OPEC’s longstanding view that oil will remain a critical component of the global energy mix for decades despite ongoing investments in renewable energy and low-carbon technologies.
“The scale of humanity’s energy needs requires sustained investment today across all energies and technologies,” said OPEC Secretary General Haitham Al Ghais. “For oil alone, investments of $17.7 trillion from 2026 to 2050—or over $700 billion per annum—are needed to meet demand in the long term.”
According to the report, meeting future energy needs will require balanced energy policies that prioritize energy security, affordability and emissions reductions while recognizing differing regional development needs.
OPEC’s outlook highlights the continued role of hydrocarbons in supporting global economic growth and improving access to modern energy services, particularly in emerging markets where energy demand is expected to expand most rapidly.
The organization also stressed the importance of timely upstream investment to ensure adequate future supplies. The projected $17.7 trillion in oil-sector investment includes spending across exploration, production, transportation and refining infrastructure through 2050.
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