OPEC has raised its forecast for world oil and energy demand for the medium and long term but cut oil demand projections for the next four years on China slowdown. Global oil demand is projected to expand by nearly 19 per cent to reach 123 million barrels per day (bpd) by 2050, OPEC said on Thursday in its World Oil Outlook 2050 report. In the medium term, oil demand is projected to increase by 9 per cent to 113.3 million bpd by 2030, from 103.7 million bpd in 2024. Overall energy demand in the long term is expected to increase by 23 per cent to reach 378 million barrels of oil equivalent per day by 2050, the oil producers group said. OPEC has reduced its oil demand forecast for next four years on Chinese demand concerns.
India, Other Asia, the Middle East and Africa are set to be the primary sources of long-term oil demand growth. Combined demand in these four regions is set to increase by 22.4 mb/d between 2024 and 2050, with India alone adding 8.2 mb/d. China’s oil demand is projected to increase by less than 2 mb/d over the same time horizon. Moreover, a large part of China’s increase is expected to occur over the medium term, with fewer demand changes expected for the rest of the forecast period.