OPEC Expects Oil to Dominate Global Energy Mix by 2050

SEATTLE (Oil Monster): According to the Organization of the Petroleum Exporting Countries (OPEC), oil is expected to remain dominant in the global energy mix by 2050, accounting for almost 30% share.

The World Oil Outlook 2050 published by the group anticipates rapid increase in global energy demand over the period from 2024 to 2050, driven by several factors including rising population, economic growth, technological advancements and shifts in energy policies across the globe.

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The global primary energy demand is anticipated to surge by 23% by 2025, upon comparison with 2024 levels, to reach 378 million barrels of oil equivalent per day (boepd). This growth will come almost entirely from non-OECD countries. The demand in OECD nations is expected to remain flat or witness slight decline, OPEC said.

The oil producer group expects oil demand to increase by 18.2 million boepd, reaching 112.4 million boepd. At the same time, natural gas demand is predicted to grow by 19.7 million boepd to 89.7 million boepd. Also, oil and gas is predicted to retain over 50% share in global energy mix, it said.

By 2050, the share of oil in global energy mix is projected at 29.8%, followed by renewable and natural gas with shares of 26.3% and 23.7% respectively. Meanwhile, the share of coal and nuclear energy is estimated at 13.6% and 6.6% respectively.