By: Energy capital & power

Global oil demand is projected to surge to 123 million barrels per day (bpd) by 2050, according to the OPEC World Oil Outlook 2025 released today.

The forecast, which reinforces OPEC’s long-term bullish stance on oil, attributes the growth in demand largely to rising consumption in the transport and petrochemicals sectors, as well as to the expanding energy needs of developing countries.

“There is no peak in oil demand in sight. The amount of investment is tremendous,” said Dr. Ayed S. Al-Qahtani, Director of OPEC’s Research Division, during the report’s presentation in Vienna.

According to the Outlook, OPEC estimates that $18.2 trillion in cumulative oil and gas investment will be required through 2050 to meet rising oil demand, bridge the investment gap and ensure future supply.

Developing economies – including those in Africa, the Middle East and India – are expected to account for nearly all future growth in energy demand, driven by rising populations, industrialization and improving living standards. Over the same period, oil demand in non-OECD countries is projected to rise by 28 million barrels per day.

“The bulk, if not the entire energy demand, is coming up from developing countries,” Dr. Al-Qahtani added, underscoring the critical role these markets will play in shaping the global energy landscape.

The findings come amid ongoing debates about the pace of the global energy transition. While investment in renewables is accelerating, OPEC’s latest forecast highlights the organization’s conviction that oil will remain a central pillar of the world’s energy mix for decades to come.