Global oil demand will keep rising for decades, driven by population growth, according to OPEC Secretary-General Haitham Al Ghais. Speaking at the Canadian Global Energy Show this week, Al Ghais forecast a 24% increase in oil demand by 2050.
“There is no peak in oil demand on the horizon,” Al Ghais said, as quoted by Reuters. He also warned that underinvestment in oil and gas could lead to supply shortages. OPEC has repeatedly raised this concern, especially as environmental groups push governments to transition away from fossil fuels.
Al Ghais emphasized the need for $17.4 trillion in oil and gas investments over the next 25 years. By comparison, achieving a net-zero global economy by 2050 is estimated to require $110 trillion, though this figure has been rising in recent years.
OPEC projects that oil demand will grow by 1.3 million barrels per day in both 2025 and 2026. This contrasts sharply with the International Energy Agency (IEA), which expects demand to grow by less than 1 million barrels per day this year. The IEA says global demand increased by 990,000 barrels per day in the first quarter but forecasts a slowdown to 650,000 barrels per day for the rest of 2025.
At the same time, OPEC has noted a decline in supply growth from non-OPEC producers. In its May oil market report, the group warned that falling oil prices and reduced upstream spending are likely to slow output from countries outside the OPEC+ alliance in both 2025 and 2026.