Global energy demand to grow 24%: OPEC

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.