OPEC: Oil Consumption Will Continue to Rise Until at Least 2050

SadaNews Economy - The Organization of the Petroleum Exporting Countries (OPEC) announced that global oil consumption will continue to rise at least until 2050, considering that the "rapid" transition away from fossil fuel sources is "unachievable," which contradicts the efforts required to combat climate warming.

In its 2025 report on global oil demand, OPEC predicted that oil consumption would increase by 18.6% between 2024 and 2050, from 103.7 million barrels per day to nearly 123 million barrels per day.

The Secretary-General of the organization, Haitham Al-Ghais, stated, "A peak in oil demand is not expected during this forecast period," emphasizing that oil consumption will not see any decline over the next 25 years.

OPEC raised its expectations in its 2024 report, having previously predicted a 17% increase in oil consumption between 2023 and 2050, from 102.2 million barrels per day to 120.1 million barrels per day.

These expectations contradict all recommendations from climate experts who are calling for a rapid cessation of the use of fossil fuel sources such as coal, oil, and gas, aiming to limit the global average temperature rise to not exceed 1.5 degrees Celsius above pre-industrial levels, which is the main goal of the Paris Climate Agreement of 2015.

Moreover, these forecasts differ significantly from the International Energy Agency's predictions, which estimate that global oil consumption will experience a "slight decline" in 2030 after peaking the previous year, which is unprecedented since 2020, the year marked by the COVID-19 pandemic.

The organization, headed by Saudi Arabia, stated that "the current reality shows that global consumption of wood, oil, coal, gas, and all other energy sources is at its highest level ever."

OPEC's Secretary-General added, "In recent years, it has become increasingly clear to many decision-makers that the idea of a swift phase-out of oil and gas is nothing but an illusion and unattainable," criticizing the pace of the energy transition.