OPEC’s World Oil Outlook 2050, published earlier this year, projects that global oil demand i will reach 112.3 mb/d in 2029, representing a strong increase of 10.1 mb/d compared to 2023. However, the regional breakdown of this medium-term expansion shows a contrasting picture between continued non-OECD demand growth and rather stagnating OECD demand.
Non-OECD oil demand is projected to increase by 9.6 mb/d between 2023 and 2029 to reach 66.2 mb/d, while OECD demand is set to oscillate around 46 mb/d over the same period.
In the long term, global oil demand is expected to increase by almost 18 mb/d, rising from 102.2 mb/d in 2023 to the forecast 120.1 mb/d in 2050. While non-OECD demand is projected to increase by 28 mb/d between 2023 and 2050, OECD demand is set to witness a decline.
Al Ghais said that African producers will play a central role in meeting rising demand.
Al Ghais emphasized the need to increase investment in oil and gas in Africa, which faces an energy crisis with more than 600 million people lacking access to electricity and more than 900 million people lacking access to clean cooking solutions.
