3 days ago
OPEC Chief: Global oil demand to surpass 120M bpd by 2050
Shafaq News/ Global oil demand will remain strong for the next 25 years, according to OPEC Secretary General Haitham Al Ghais, who attributed the projected growth to rising global population and increasing energy needs.
Al Ghais, speaking at the Global Energy Show 2025 in Calgary, Alberta, said energy demand worldwide is expected to grow by 24% between now and 2050, with oil consumption forecast to exceed 120 million barrels per day. These estimates align with OPEC's World Oil Outlook 2024.
'There is no peak in oil demand on the horizon,' he said, pushing back against forecasts that suggest fossil fuel demand will soon plateau or decline.
The OPEC chief praised Canada's oil sector for expanding output in recent years. He noted that the completion of the Trans Mountain pipeline expansion helped Canada achieve record crude production in 2024 by improving export capacity.
Al Ghais also confirmed that OPEC has begun unwinding its production cuts more rapidly than originally planned, increasing output by 411,000 barrels per day across May, June, and July of this year.
He further welcomed recent opposition to what he called 'unrealistic climate goals,' emphasizing the need to reduce emissions without marginalizing specific energy sources. Instead, he urged governments and companies to invest in technologies like carbon capture and storage to lower the environmental footprint of oil and gas production.
