The Opec World Oil Outlook 2026 projects significant long-term growth in global energy demand, forecasting a 23 per cent increase by 2050 amid rising consumption needs worldwide.

It also expects oil demand to remain strong, reaching 124 million barrels per day over the same period.

The annual report provides a medium- and long-term outlook for global energy markets, incorporating recent economic, policy and industry developments.

It highlights ongoing challenges linked to energy security, affordability and emissions reduction, while emphasising the need for balanced and realistic energy transition pathways.

According to the outlook, future energy systems will require contributions from all energy sources and technologies to meet growing global demand.

It also stresses the importance of expanding access to modern energy services, particularly in developing regions, where billions of people still lack reliable energy access.

The report further underscores the need for sustained and timely investment across the energy sector to support future supply, infrastructure and innovation.

It concludes that diverse national priorities will require flexible energy strategies that balance growth, sustainability and affordability in the decades ahead.

Haitham Al Ghais, Opec Secretary General said: “The scale of humanity’s energy needs requires sustained investment today across all energies and technologies. For oil alone, investments of $17.7 trillion from 2026 to 2050 – or over $700 billion per annum – are needed to meet demand in the long term.” -OGN/TradeArabia News Service