OPEC extends global oil outlook to 2050, sees no peak demand

OPEC extends global oil outlook to 2050, sees no peak demand

• OPEC raised its forecasts for world oil demand for the medium and long term in an annual outlook.
• The organization cited growth in India, Africa and the Middle East, and a slower shift to EVs and cleaner fuels.
• "There is no peak oil demand on the horizon," OPEC Secretary General Haitham Al Ghais wrote.

• "Over the past year, there has been further recognition that the world can only phase in new energy sources at scale when they are genuinely ready."

• OPEC expects world oil demand to reach 118.9 million barrels a day (bpd) by 2045, around 2.9 million bpd higher than expected in last year's report.

• OPEC sees 2050 demand at 120.1 million bpd.

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