OPEC Sees No Peak Oil Demand as Energy Security Trumps Climate Concerns

OPEC's annual World Oil Outlook predicts robust growth in global oil demand, forecasting that it will reach 113.3 million barrels per day by 2030 and 124.1 million barrels per day by 2050.

The largest increments of oil demand growth are expected to come from Asia, the Middle East, Africa, and Latin America, with India being the top contributor, adding 8.1 million barrels per day over the outlook period.

OPEC says $17.7 trillion in investments from 2026 to 2050 are needed to meet long-term oil demand, with the group's rivals expected to meet about half of the projected increase in demand in the coming years.

The organization's view on oil demand stands in contrast to other forecasters such as the International Energy Agency, which recently predicted a slump in world oil consumption due to the conflict between the US and Iran.