OPEC kept 2030 oil demand at 113.3 million bpd, lifted 2050 view
What's new: The group now sees demand at 124 million barrels a day in 2050 and argues oil use still has no peak in sight.
OPEC left its medium-term oil demand outlook largely intact and raised its longer-term forecast in its 2026 World Oil Outlook, projecting global demand at 113.3 million barrels per day in 2030, up from 105.1 million bpd in 2025. The producer group also lifted its 2050 view to 124 million bpd from 122.9 million in last year’s report. OPEC tied the outlook to stronger emphasis on energy security and affordability, slower electric-vehicle adoption in Europe, and policy changes in the United States affecting support for renewables and fuel-efficiency rules. The forecast contrasts with the International Energy Agency’s much lower mid-century demand view. OPEC also said US tight crude likely peaked in 2025 at just over 9 million bpd.