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

OPEC's latest forecast projects robust growth in global oil demand, reaching 113.3 million barrels per day by 2030 and 124.1 million barrels per day by 2050.

The largest increments of oil demand growth will come from Asia, the Middle East, Africa, and Latin America, with India contributing significantly.

OPEC Secretary General Haitham Al Ghais emphasized the need for sustained investment to meet long-term energy needs, estimating $17.7 trillion in investments required from 2026 to 2050.

This forecast stands in contrast to other predictions, such as those made by the International Energy Agency, which expect a decline in oil consumption due to the impact of the US-Israel war on Iran.