The oil era is far from over! OPEC expects global demand to continue to rise.

date
11/07/2025
avatar
GMT Eight
In its annual "World Oil Outlook" report released on Thursday, OPEC once again reinforced its long-term energy outlook, believing that global oil demand will continue to grow until 2050, with no peak in sight.
In the annual "World Oil Outlook" report released on Thursday, OPEC once again strengthened its long-term energy outlook, believing that global oil demand will continue to grow until 2050, with no peak in sight. The organization has raised its demand forecast, expecting global oil demand to increase from last year's 103.7 million barrels per day to 113.3 million barrels per day by 2030, and to nearly 123 million barrels per day by 2050, supported by strong population growth and economic conditions. OPEC emphasized that oil will continue to play a key role in meeting energy demand. It is projected that by 2050, oil will still account for the largest share of the global energy mix (approximately 30%), and if natural gas is included, this proportion will exceed 50%. OPEC Secretary-General Haitham Al Ghais stated in the preface of the report, "Oil is the cornerstone of the global economy and a core element of modern life. There is currently no sign of peak oil demand in sight." This optimistic forecast contrasts sharply with the conservative outlook of other institutions. The International Energy Agency (IEA) expects global oil demand to peak in 2029, while S&P Global Commodity Insights believes demand may start to decline after 2035. On Thursday, crude oil futures reversed the gains of the previous three trading days and declined, with market concerns about President Trump's new tariff policies potentially dragging down global economic growth. Trump threatened to impose a 50% punitive tariff on goods imported from Brazil, the largest economy in Latin America, and announced additional tariffs on copper, semiconductors, and pharmaceuticals. It is reported that the OPEC+ delegation is considering suspending production adjustments in October after increasing production in September. Some member countries are concerned that continuing to increase production after September may further drive down oil prices. JPMorgan and Citigroup predict that with increased oversupply, oil prices may drop to the $60 per barrel level within the year.