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OPEC Predicts 23% Rise in Global Energy Demand by 2050
OPEC expects global energy demand to increase by up to 23% by the year 2050, with oil demand growing by approximately 26.9 million barrels per day outside of OECD countries. Meanwhile, the pace of demand from OPEC member countries is projected to decrease by 8 million barrels per day. The forecasts indicate that oil demand will reach 124 million barrels per day in 2050, with oil and fossil fuels maintaining a large share of the energy mix, while renewable energy will account for 26%. OPEC also clarified that the required investments in the oil sector until that year are estimated at $17.7 trillion.
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