Oil & Gas
THE Organization of the Petroleum Exporting Countries (OPEC) has projected sustained growth in global energy demand through 2050, driven by population expansion, urbanisation and economic development, particularly in emerging and developing economies.
This is contained in the World Oil Outlook (WOO) 2026, OPEC’s flagship publication that provides a long-term assessment of global energy trends and the future of the energy sector.
According to the report, the outlook offers a realistic, impartial and data-driven analysis of the evolving energy landscape, taking into account both the uncertainties and opportunities facing policymakers, industry players and other stakeholders.
OPEC noted that governments across major economies are increasingly recalibrating their energy policies to balance energy security, emissions reduction and sustainable development objectives.
The report stated that while climate and sustainability targets remain important, many countries are adjusting implementation strategies to reflect investment requirements, infrastructure limitations and concerns over energy reliability.
It explained that advanced economies are reassessing aspects of their climate policies to safeguard industrial competitiveness and maintain stable energy supplies, while emerging economies are pursuing dual-track approaches by expanding renewable energy capacity alongside conventional energy sources.
The outlook projected that the world’s population would increase by 1.4 billion people to nearly 9.7 billion by 2050.
It added that the global working-age population would rise by 751 million to more than 6.1 billion, while urban populations would expand by 1.7 billion people, with most of the growth occurring in developing regions.
OPEC also forecast average global economic growth of 2.9 per cent annually over the period, with the global economy expected to more than double in size from 177 trillion dollars in 2025 to 359 trillion dollars by 2050 on a 2021 purchasing power parity basis.
The report further projected that global GDP per capita would increase from 21,500 dollars to 37,100 dollars during the same period.
According to OPEC, emerging markets and developing economies will account for the bulk of future economic expansion and the corresponding increase in energy demand.
The organisation stressed that understanding these demographic and economic trends remains essential for developing balanced energy policies capable of meeting future demand while supporting sustainable development goals.
F.O
Tags: Global Energy OPEC Forecasts