OPEC Sees Steady Growth in Global Oil Consumption

OPEC released its World Oil Outlook 2026, forecasting steady growth in global oil consumption. According to the report, world oil demand is expected to climb from about 105.1 million barrels a day in 2025 to 113.3 million barrels a day by 2030 and 124.1 million barrels a day by 2050.

The increase of nearly 19 million barrels a day over the period will be driven largely by developing economies, with India expected to be the single largest source of growth, followed closely by Other Asia, the Middle East, Africa, and Latin America.

OPEC attributed the demand trajectory to global population growth, rising incomes, and continued industrialization in emerging markets. The world's population is projected to grow by 1.4 billion people to nearly 9.7 billion by 2050.