OPEC presented its key report, the World Oil Outlook

In its key World Oil Outlook (WOO) report, OPEC has raised its estimate of global oil and energy demand to 2050. The organization expects further growth in hydrocarbon consumption and emphasizes the need for investment in the oil industry.
Global primary energy demand is expected to increase by 23% by 2050, while oil demand is projected to exceed 124 million barrels per day.
This is stated in the traditional long-term OPEC forecast, presented on June 18, 2026.
In presenting the report, OPEC Secretary-General Khaysam al-Gais called for more attention to be paid to long-term prospects and key industry trends rather than current geopolitical events. The OPEC report highlights six such trends:

• a number of countries are revising their energy policy approaches in order to find a balance between energy security, emissions reduction, and sustainable development;
• the continued growth in demand for primary energy resources;
• the need for all types of energy to meet the growing demand, including for oil, which OPEC does not expect to peak until 2050;
• the importance of continuing efforts to reduce emissions, including through the implementation of technologies such as carbon capture, utilization, and storage, direct carbon capture from the atmosphere, and concepts such as a circular economy;
• the need for large investments in all types of energy and all technologies;
• WOO is OPEC's key voice on our energy future, offering comprehensive, transparent, and objective insights and providing a platform for discussion with all stakeholders.

According to the organization's Secretary-General, there is no reliable way to solve all of the world's problems unless we use all available energy sources and relevant technologies, and ensure the stability of the energy market, which is the cornerstone for the necessary large-scale investments.
According to OPEC, global demand for primary energy could grow by 22.5%, from 312.3 million barrels per day in 2025 to 382.7 million by 2050, with an average annual growth rate of 0.8%. The demand forecast for 2050 has been increased by 4.9 million barrels per day.
Growth will come almost entirely from developing countries and regions, primarily India, other countries in Asia, the Middle East, Africa, and Latin America. Primary energy demand outside the Organisation for Economic Co-operation and Development (OECD) will grow by 68.1 million barrels per day, from 205.1 million in 2025 to 273.2 million in 2050, at an average annual rate of 1.2%. In developed countries, the dynamics will be near-zero – the growth in demand for primary energy in the OECD will be 2.3 million barrels per day until 2050, and the demand itself will reach 109.5 million. In a number of countries and regions, demand may decrease – in the OECD countries of Europe, China and Russia.
The demand for all types of primary fuel, except for coal, will increase by 2050:

• oil will grow by 18.6 million barrels per day, from 94.9 million in 2025 to 113.5 million in 2050, with an average annual growth rate of 0.7%,
• coal will decrease by 29.3 million, from 82.6 million to 53.3 million, with an average annual decline rate of 1.7%,
• gas will grow by 19.3 million, from 72 million to 91.3 million with an average annual growth rate of 1.0%,
• nuclear energy will grow by 10.5 million, from 15.0 million to 25.5 million with an average annual growth rate of 6.7%,
• renewable energy sources will grow by 51.3 million, from 47.8 million boe/day to 99.1 million boe/day with an average annual growth rate of 3.0%, including

According to Haisam al-Gais, solar energy will show the greatest growth, with demand increasing by 23.9 million btu/day, from 4.9 million btu/day to 28.5 million btu/day, with an average annual growth rate of 7.3%.
The demand for oil and gas will continue to grow due to the need for reliable and affordable energy sources. OPEC also sees prospects for nuclear energy after a long period of stagnation. Renewable energy sources, particularly solar and wind power, will experience the most significant overall growth, driven by lower production costs and government support. However, there will still be challenges such as limitations in energy grids and increasing integration costs. The demand for coal will decrease due to unfavorable energy and climate policies, as well as its displacement by other fuels, especially in the energy sector.
Throughout the forecast period, OPEC sees oil remaining the primary energy source, and together with gas, taking over 50% of the global energy mix.
According to the OPEC report, in the medium term, up to 2030, an increase of 8.1 mbpd by 2025, to 113.3 mbpd, is expected. OPEC's long-term forecast envisages an increase in demand of 19.2 mbpd compared to 2025, to 124.1 mbpd in 2050. Compared to WOO-2025, the demand forecast for 2050 has been increased by 1.2 mbpd.
China and India will remain the drivers of global oil demand growth in the long term, with demand expected to increase to 18 million and 13 million barrels per day, respectively.
The growth in oil demand until 2050 will be driven by the development of road transport, aviation, and the petrochemical industry. In the transport sector, demand will increase by 11.5 million barrels per day and reach 71.5 million barrels per day by 2050. Road transport will see a demand increase of 5.7 million barrels per day, to 52.7 million barrels per day, while aviation will see a demand increase of 4.2 million barrels per day, to 11.5 million barrels per day. The only sector where long-term demand for oil is expected to decrease slightly is electricity generation (by 0.5 million barrels per day, to 3.5 million barrels per day).