OPEC predicts 1.7M bpd demand growth in 2027
OPEC Secretary General, Haitham al-Ghais, expects global oil demand to increase by 1.7 million barrels per day by 2027, compared to 400,000 barrels per day in 2026, due to the emergence of suppressed demand and a shift of some of that demand into the following year. He emphasized that the oil industry requires long-term investments amounting to approximately $18 trillion by 2050 to meet future demand and ensure supply security, warning that a shortfall in investments could threaten market stability and lead to supply bottlenecks. He also highlighted the importance of investment by countries in energy infrastructure, such as the Saudi East-West pipeline project, which serves as a safeguard for global energy security before crises occur. The organization predicts that energy demand will increase by around 23% by 2050, driven by population growth, urban expansion, and technological development, with oil continuing to account for more than 30% of the global energy mix.
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