OPEC Predicts Oil Consumption to Surge Despite Global Push for Renewables

OPEC has predicted that oil consumption will rise to over 120 million barrels per day by 2050.

As Rio Oil & Gas, Latin America's largest oil and gas trade fair, continues in Rio de Janeiro, OPEC unveiled its annual World Oil Outlook for the first time outside its Vienna headquarters. According to the report, fossil fuel consumption shows no signs of peaking, despite the global push for renewable energy sources, Xinhua news agency reports.

OPEC has predicted that oil consumption will rise to over 120 million barrels per day by 2050. This marks a significant increase of 17 million barrels from current levels. The report predicts that while renewable energy will contribute to 60% of global demand growth, oil and gas will still make up more than half of the world's energy mix by 2050. Crucially, oil is expected to account for 29.3% of the energy matrix, marking the highest share on record. This projection suggests that oil will remain a dominant energy source well into the mid-century, even as renewable energy technologies continue to expand.

The release of this forecast during Rio Oil & Gas underscores the ongoing importance of fossil fuels in the global energy landscape, despite increasing climate concerns and the push for cleaner energy alternatives.