{"id":751475,"date":"2026-06-21T11:51:34","date_gmt":"2026-06-21T11:51:34","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/751475\/"},"modified":"2026-06-21T11:51:34","modified_gmt":"2026-06-21T11:51:34","slug":"opec-sees-no-end-to-growing-global-oil-demand","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/751475\/","title":{"rendered":"OPEC sees no end to growing global oil demand"},"content":{"rendered":"

Open this photo in gallery:<\/a><\/p>\n

A barrel with the OPEC logo at the COP29 conference in Baku, Azerbaijan, in 2024.Maxim Shemetov\/Reuters<\/p>\n

OPEC maintained its forecast for robust global oil demand growth in the next four years on Thursday and nudged up its longer-term view, citing a worldwide shift toward more supportive policies for oil use and saying there was no sign demand would peak.<\/p>\n

The 11-member Organization of the Petroleum Exporting Countries<\/a> depends on oil for a large part of government income, and its views on demand are higher than those of others in the industry, such as the International Energy Agency.<\/p>\n

World demand will rise to 113.3 million bpd in 2030 from 105.1 million barrels per day in 2025, OPEC said in its 2026 World Oil Outlook, a copy of which was seen by Reuters.<\/p>\n

The 2025 figure is little changed, and the 2030 forecast unchanged, from last year\u2019s report.<\/p>\n

Energy policy landscape has shifted, OPEC says<\/p>\n

The report comes as OPEC contends with unprecedented challenges in 2026 as the Iran war<\/a> has forced Gulf exporters to make huge export cuts, while the United Arab Emirates, an OPEC country for almost 60 years, shocked other members by leaving the group.<\/p>\n

Changes in government policy in the U.S., Europe and elsewhere and long-term growth in India, the Middle East, Africa and Latin America will drive the demand expansion, OPEC said, despite \u201cimpressive progress\u201d by China in its shift to renewable energy.<\/p>\n

\u201cThe increased focus on energy security and energy affordability has shifted the energy policy landscape across the globe,\u201d OPEC said in the report.<\/p>\n

\u201cThis is reflected in policy adjustments and reversals, which are expected to be supportive of oil demand in the medium and long term.\u201d<\/p>\n

Opinion: Behold, the decline of OPEC and the twilight of the Arab oil age<\/a><\/p>\n

OPEC cited, for example, a slower-than-expected take-up of electric vehicles in Europe, and policy changes by U.S. President Donald Trump\u2019s administration affecting support for renewables, EVs and fuel efficiency standards.<\/p>\n

No demand peak on horizon<\/p>\n

For the longer term, OPEC expects world oil demand to reach 124 million barrels per day by 2050, up from 122.9 million bpd expected in last year\u2019s report, and reiterated its view that there is no peak demand on the horizon.<\/p>\n

In contrast, the IEA said in November oil demand will hit 113 million bpd by mid-century. While the IEA\u2019s 2050 forecast is much lower than OPEC\u2019s, the agency had earlier expected demand to peak by 2029.<\/p>\n

The U.S. has become the world\u2019s largest oil exporter in 2026, according to ship-tracking data, reflecting the boom in its output driven by shale oil and disruptions to Saudi and Russian exports by wars and sanctions.<\/p>\n

OPEC, however, said in the report U.S. output of tight crude, another term for shale, likely peaked in 2025 at just over 9 million bpd, and sees modest total U.S. liquids supply growth of 400,000 bpd until 2030 and a production plateau thereafter.<\/p>\n

The report expects production from countries outside OPEC+ \u2013 the wider group that includes OPEC members plus Russia and other allies \u2013 to peak from the early 2030s.<\/p>\n

OPEC has been calling for more oil industry investment, and said the sector needs US$17.7-trillion to be spent to 2050, compared with US$18.2-trillion estimated last year. <\/p>\n","protected":false},"excerpt":{"rendered":"Open this photo in gallery: A barrel with the OPEC logo at the COP29 conference in Baku, Azerbaijan,…\n","protected":false},"author":2,"featured_media":645675,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[901,888,902,879,877,903,45,49,48,876,895,896,891,878,875,46,549,295,894,887,914,880,881,893,889,890,884,904,885,909,910,912,907,911,905,908,882,898,899,714,897,906,865,61,900,892,886,883,913],"class_list":["post-751475","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-alberta","tag-arts-news","tag-bc","tag-breaking-news","tag-breaking-news-video","tag-british-columbia","tag-business","tag-ca","tag-canada","tag-canada-news","tag-canada-sports","tag-canada-sports-news","tag-canada-trafficcanada-weather","tag-canadian-breaking-news","tag-canadian-news","tag-economy","tag-education","tag-environment","tag-federal-government","tag-foreign-news","tag-globe-and-mail","tag-globe-and-mail-breaking-news","tag-globe-and-mail-canada-news","tag-government","tag-life-news","tag-lifestyle","tag-local-news","tag-manitoba","tag-national-news","tag-new-brunswick","tag-newfoundland-and-labrador","tag-northwest-territories","tag-nova-scotia","tag-nunavut","tag-ontario","tag-pei","tag-photos","tag-political-news","tag-political-opinion","tag-politics","tag-politics-news","tag-quebec","tag-sports-news","tag-technology","tag-travel","tag-trudeau","tag-us-news","tag-world-news","tag-yukon"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/751475","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=751475"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/751475\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/645675"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=751475"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=751475"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=751475"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}