OPEC Sees Global Oil Demand at 120.1 million Barrels Per Day by 2050

By Adedapo Adesanya

The Organisation of the Petroleum Exporting Countries (OPEC) has said global oil demand should reach 120.1 million barrels per day by 2050, while energy demand will rise 24 per cent during the same period.

This was disclosed by the Secretary-General of the cartel, Mr Haitham Al Ghais, while delivering a keynote address at an event held in South Africa recently.

Mr Al Ghais said that African producers would play a central role in meeting rising demand.

“Demand will be fueled by a world economy that is expected to more than double in size to more than $360 trillion by 2050. Driving this economic growth is the rapidly expanding world population, expected to reach 9.7 billion from the current 8 billion.

“Urbanization globally will continue to intensify. Over 600 million people are expected to move to new cities around the world, including Africa,” he said.

Mr Al Ghais drew insight into OPEC’s recently launched World Oil Outlook (WOO), which was launched in September 2024, the 18th edition of the WOO featured a review and assessment of the medium- and long-term prospects for the global oil and energy sectors.

The publication offers a comprehensive analysis of global supply and demand dynamics while taking into account the interplay between energy security, energy affordability and the need to reduce emissions.

For Africa, which faces an energy crisis with over 600 million people lacking access to electricity and over 900 million people lacking access to clean cooking solutions, increasing oil and gas production is a fundamental requirement.

As such, Mr Al Ghais emphasises the need to increase investment in oil and gas.

“Oil and gas will remain the predominant fuels in the energy mix. To ensure security of supply to fuel this demand, our industries need to invest and boost investment levels significantly in the years to come,” he explained.

However, Mr Al Ghais pointed out that “For Africa, the future looks bright. It has an estimated 125 billion barrels of proven reserves of oil. African countries must develop these resources with access to the necessary funding and technology. This is vital for the economic and social development of the continent and its people.”