Commodities
OPEC Sticks to Outlier View on Oil Demand Growing Through 2050
- Group’s view is an outlier among major industry forecasters
- Global warming risks highlighted in extreme weather events
An oil refinery in Mumbai, India. India will be the single-biggest contributor to growth, adding 8 million barrels a day by 2050.
Photographer: Dhiraj Singh/BloombergThis article is for subscribers only.
OPEC doubled down on forecasts that global oil demand will keep growing to the middle of the century, an outlier view that scientists say would lead to climate catastrophe.
World oil consumption is set to increase by 17.9 million barrels a day, or roughly 18%, to 120.1 million per day by 2050, the Organization of Petroleum Exporting Countries said in its annual long-term outlook. It raised estimates covering the next two decades from last year’s report.