OPEC brings together the main oil-producing countries of the world. It has just unveiled a new study on global energy demand by 2050. The findings are clear: it will increase significantly.
Energy demand will increase by 24%
Global energy demand is expected to grow by 24% by 2050. This figure comes from recent projections published by the Organization of the Petroleum Exporting Countries (OPEC). These were unveiled at the largest oil and natural gas exhibition in Latin America, Rio Oil & Gas. Moreover, This observation comes as the world engages in an energy transition increasingly focused on renewable energies.
Despite the rise of renewable energy, which will account for 60% of growth in global energy demand, OPEC predicts that oil consumption will continue to increase. So, by 2050, the daily need for oil will exceed 120.1 million barrels per day. This represents an increase of 17 million barrels compared to current consumption. Despite the rise of renewable energy, fossil fuels like oil and gas will continue to play a major role. OPEC estimates that these energy sources will still represent more than half of the global energy matrix in 2050, with a record share of 29.3% for oil.
Consequences for the global energy market
This OPEC projection raises crucial questions for the future of global energy. As efforts to reduce dependence on fossil fuels intensify, Growing demand for oil highlights persistent challenges related to the energy transition. Oil will retain a dominant place, despite efforts towards a greener future.
This increase in demand could also put additional pressure on global energy policies, experts say. At the same time, it will be necessary to resolve the question of energy infrastructure, extraction technologies, as well as environmental regulations.
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