Global energy demand expected to increase by 24% by 2050

Global energy demand will increase by 24% by 2050, with oil dominating global markets with a need for 120.1 million barrels per day, the Organization of the Petroleum Exporting Countries (OPEC) said on Tuesday (September 23).

>> OPEC maintains oil demand forecast

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On the occasion of Rio Oil & Gas, the largest oil and natural gas exhibition in Latin America, which is being held until Thursday in Rio de Janeiro, OPEC published its annual “World Oil Outlook” report, for the first time outside its headquarters in Vienna.

The organization, which represents most of the world’s largest oil producers, said it saw no signs of a spike in fossil fuel consumption despite the global race for renewable energy. Instead, it predicted that by 2050, oil will account for a record share of the global energy mix.

“The publication of our outlook here is a very clear sign of the importance of Brazil to the world of energy, not just oil, but global energy,” said OPEC Secretary General Haitham Al Ghais.

Renewables will account for 60% of global demand growth, but oil consumption is expected to exceed 120 million barrels per day in 2050, an increase of 17 million barrels from current consumption levels, the report said.

According to OPEC, oil and gas will account for more than half of the energy mix by 2050, with oil accounting for 29.3%, the largest share ever recorded.

Xinhua/VNA/CVN