Global demand for oil is expected to grow over the next 20 years, with oil expected to hold a nearly 30% share of the energy mix even as efforts continue to reduce emissions, The Wall Street Journal reports.
In its annual report on long-term energy trends, the Organization of the Petroleum Exporting Countries forecasts oil demand to reach 120.1 million barrels a day in 2050, up from 102.2 million barrels a day last year. Demand from non-OECD countries is projected to rise by 28 million barrels a day in the period, while OECD nations are expected to witness a 10% growth decline.
“There is no peak oil demand on the horizon,” OPEC says.
The organization, which publishes closely watched oil supply and demand forecasts, has been typically more optimistic than others about the continued use of oil.
Earlier this year, the International Energy Agency—representing a group of oil consumer countries including the U.S.—said surging supplies and slowing demand were leading global oil markets toward a major glut this decade, with oil demand growth set to peak by 2029.
OPEC estimated that oil demand will reach 112.3 million barrels a day in 2029, a 10.1 million barrels a day increase compared with last year.
