The Wall Street Journal

Oil Age Is Far From Over, OPEC Says

The cartel projects oil demand will reach nearly 123 million barrels a day in 2050, up from 104 million last year

‘There is no peak oil demand on the horizon,’ OPEC says.
‘There is no peak oil demand on the horizon,’ OPEC says. Photo: ahmad al-rubaye/Agence France-Presse/Getty Images

The Organization of the Petroleum Exporting Countries doubled down on its view that global oil demand will keep rising through mid-century and that there is no peak in sight.

In its annual report on long-term energy trends, the cartel nudged up its forecast, projecting oil demand will reach 113.3 million barrels a day in 2030 and nearly 123 million in 2050, up from 103.7 million barrels last year.

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