OPEC maintains an optimistic outlook on medium and long-term oil demand

The report forecasts that global oil demand is expected to increase from an average of 105.1 million barrels per day in 2025 to 113.3 million barrels per day in 2030, and will further rise to 124.1 million barrels per day by 2050. The report points out that in the coming decades, most of the growth in global oil demand will come from Asia, the Middle East, Africa, and Latin America. Among these, India will be the largest contributor, with average daily demand projected to increase by 8.1 million barrels throughout the forecast period.