OPEC Forecasts Surge in Oil Demand Driven by Transport and Petrochemicals
The Organization of the Petroleum Exporting Countries (OPEC) has projected a significant increase in global oil demand by 2050, largely fueled by road transport, aviation, and petrochemical industries. According to the latest World Oil Outlook 2025, the transportation sector alone made up over 57% of the total global oil consumption in 2024—a trend expected to continue for decades.
OPEC estimates that road transportation will lead the growth, adding approximately 5.3 million barrels per day (mb/d) to global demand by 2050. Aviation is expected to follow closely, contributing an additional 4.2 mb/d, reflecting the expanding global mobility needs and air travel recovery.
Additionally, the petrochemical sector is anticipated to grow rapidly, with a projected increase of 4.7 mb/d. This growth is linked to rising demand for petrochemical products like plastics, fertilizers, and synthetic materials, which remain critical to industrial and consumer applications worldwide.
Overall, OPEC forecasts a jump in oil demand from 103.7 mb/d in 2024 to around 122.9 mb/d by 2050, underlining the need for strategic energy planning. The report emphasizes that despite clean energy transitions, fossil fuels—especially oil—will continue to play a central role in supporting global development.
