OPEC Sees Light, Middle Distillates Driving Global Oil Demand Growth

OPEC has released its long-term outlook for global oil demand, projecting that growth will be driven by light and middle distillates through 2050.

The organisation expects jet fuel, LPG, diesel, and other products to account for the bulk of the projected increase in demand, with ethane/LPG leading the way at 3.5 million barrels per day (mb/d) growth by 2050.

Naphtha is expected to record the second-largest increase in the light-products segment, growing by 2.8 mb/d, while gasoline demand is projected to rise by 1.7 mb/d over the same period.

The forecast suggests that middle distillates will also contribute significantly to additional oil demand, led by jet fuel and kerosene, whose combined demand is expected to increase by 4.2 mb/d by 2050.