OPEC raises long-term oil demand outlook

OPEC sees peak demand in the foreseeable future

OPEC raised its long-term global oil demand forecast through 2050 to 124 million barrels per day (bpd), confirming that peak demand is not on the horizon in the foreseeable future.

 

The organization, in its Thursday report, said global oil demand is expected to continue rising, reaching 113.3 million bpd by 2030, in line with its forecast published last year.

 

Meanwhile, the report highlighted a notable outlook for non-OPEC supply, with OPEC stating that US shale oil production likely peaked in 2025.

 

The organization expects total US oil supply to see very limited growth through 2030, followed by a period of stability without significant new production increases.

 

The report underscores OPEC’s continued optimistic view on fossil fuel consumption over the coming decades, amid growing global discussions over the energy transition.

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