The producer group projects steady growth in global oil demand despite rising EV adoption and net-zero pledges.
OPEC’s latest World Oil Outlook 2026 projects global oil demand will rise from 105.1 million barrels per day in 2025 to 113.3 million by 2030, reaching 124 million by 2050. The group maintains that peak oil demand remains distant, countering widespread expectations of a decline amid energy transition efforts.
The forecast contrasts with recent trends, including accelerating electric vehicle sales and government commitments to net-zero emissions. OPEC’s outlook assumes continued reliance on oil, particularly in emerging markets, despite growing pressure to reduce fossil fuel dependence.
Critics have historically dismissed OPEC’s long-term projections as overly optimistic, but the group’s stance signals confidence in sustained demand growth. The report highlights India and other developing economies as key drivers of future consumption.