The Organization of Petroleum Exporting Countries (OPEC) announced that global oil demand is set to reach 120.1 million barrels per day by 2050. This shows a 24% increase in demand compared to current levels.
Demand will largely be fueled by rising economic activities, population growth and urbanization, OPEC Secretary General Haitham Al Ghais stated in Cape Town last week.
According to Al Ghais, the global economy is expected to more than double, exceeding $360 trillion, while the population will increase from 8 billion to 9.7 billion people. Additionally, urbanization will see over 600 million people relocating to cities, particularly across Africa.
“Oil and gas will remain the predominant fuels in the global 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,” stated Al Ghais.
