VIENNA : In its annual World Oil Outlook 2025 released today, the Organization of the Petroleum Exporting Countries (OPEC) projected that global oil demand will average 105 million barrels per day (bpd) this year. While the near-term forecast has been lowered in light of China’s economic slowdown, the long-term outlook tells a different story.
According to the report, oil demand is expected to rise to 106.3 million bpd in 2026 and continue climbing to 111.6 million bpd by 2029. OPEC emphasized that there is no evidence to suggest global oil demand has peaked—a view that contradicts some projections from climate advocates and analysts calling for rapid decarbonization.
The report also revised upward the estimated total investment needed in the oil sector by 2050 to $18.2 trillion, compared to $17.4 trillion projected in 2024. Much of this projected demand is expected to come from developing economies, where industrialization and energy needs are accelerating.
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