At the Global Energy Show in Calgary, OPEC Secretary General Haitham Al Ghais delivered a strong message: global oil demand is not slowing down. Speaking on June 10, Al Ghais stated that oil use is expected to continue rising through 2050, driven by population growth and global energy demand.
Here’s what stood out:
- OPEC projects a 24% increase in global energy needs by 2050, with oil demand reaching over 120 million barrels per day.
- Al Ghais rejected forecasts of a near-term peak in oil use, aligning with OPEC’s 2024 World Oil Outlook.
- He applauded Canada’s record-breaking oil production in 2024, citing the Trans Mountain pipeline expansion as a key contributor. Alberta’s leadership has publicly committed to doubling production by 2050.
- OPEC warned that underinvestment in oil and gas could disrupt global energy security. The organization estimates the world will require $17.4 trillion in energy investment over the next 25 years.
- OPEC+ is accelerating the unwinding of output cuts, adding 411,000 barrels per day across May, June, and July.
- Al Ghais addressed what he called overly aggressive net-zero targets, suggesting a more balanced approach that includes emissions-reducing technologies like carbon capture and storage.
As global demand continues to rise and production is recalibrated, drillers and service teams need to prepare for lengthening cycles, expanded well inventories, and fluctuating pricing environments. Staying informed on these projections will be key to shaping long-range planning and technology choices.
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For the full update, read the original post here: OPEC Sees No Peak in Oil Demand Through 2050.
