OPEC headquarters in Vienna, Austria
Letter from Austria: OPEC delivers wake-up call
A brutally honest picture about the potential role of oil and gas in 2050 should prompt policymakers to not only reflect but also change course to meet vital energy needs
OPEC’s 2025 World Oil Outlook has raised the stakes. The producer group’s analytical arm now expects world oil demand to reach 122.9m b/d by 2050, up from 120.1m b/d expected in last year's report and compared with world demand of around 105m b/d this year. The report stands shoulder to shoulder with Petroleum Economist’s long-term analysis from earlier this year that there is no peak oil demand in sight. This contrasts starkly with more conservative scenarios from the likes of the IEA and other respected energy institutions that see a plateau, or even a drop-off, within the next 25 years. 122.9m b/d – OPEC’s expected 2050 oil demand The point is simple but concerning: such peak oil
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