Al Ghais sees oil demand growing to 123M bpd by 2050

OPEC Secretary-General Haitham Al Ghais

OPEC Secretary-General Haitham Al Ghais said global oil demand is set to climb to about 123 million barrels per day (bpd) by 2050, with crude maintaining the lion’s share of the global energy mix at roughly 30%.

Speaking at a conference in Kuwait today, Oct. 22, Al Ghais noted that demand across all fuel types is projected to keep rising through mid-century and beyond, as global energy consumption increases by around 23%.

He attributed this uptrend to several factors, including population growth, sustained economic expansion, the rise of new energy-intensive industries, and efforts to supply power to underserved regions.

Meeting this surging demand, according to Al Ghais, will require massive investments of about $18.2 trillion in the oil sector through 2050. This is to secure supply and maintain market stability.