Global energy demand will grow 24 percent by 2050, with oil dominating world markets in need of 120.1 million barrels per day, the Organization of the Petroleum Exporting Countries (OPEC) said.
OPEC released its annual World Oil Outlook, for the first time outside its headquarters in Vienna.
The organization, which brings together most of the world’s largest oil producers, said it sees no signs of a peak in fossil fuel consumption despite a global race for renewable energy. On the contrary, it predicted that by 2050 oil will account for a record share of the world’s energy matrix.
Renewable energy will account for 60 percent of global demand growth, but oil consumption is expected to exceed 120 million barrels per day in 2050, up 17 million barrels from the current consumption level, the report said. According to OPEC, oil and gas will account for more than half of the energy matrix by 2050, with oil representing 29.3 percent, the biggest share on record.
Tags: OPEC, Renewable Energy
Recent Posts
Report Highlights Pathway for Electrifying Nigeria’s Container Trade Sector
South Korean Company YPP Plans to Invest up to $3.1 Billion in Green Hydrogen Production in Kazakhstan
WattEV Expands Electric Truck Charging Network with Three New Depots in California
Anemoi Develops New Method to Accurately Measure Wind-Assisted Propulsion Benefits
Navigator Holdings and Amon Maritime Form Joint Venture for Ammonia-Fuelled Carrier Fleet
Hygenco Commissions Maharashtra’s First Green Hydrogen and Oxygen Facility to Power STL’s Net Zero Goals
India Invites Second Round of R&D Proposals Under ₹4 Billion Green Hydrogen Mission
BMTC Adds 148 Tata Electric Buses to Bengaluru Fleet, Strengthens Green Mobility Drive