Global oil demand to rise to 378 mln barrels per day by 2050: OPEC

ALMATY, Oct. 2 (Xinhua) -- Global demand for the primary energy resource of oil is projected to grow 23 percent, rising from 308 million barrels of oil equivalent per day to 378 million barrels by 2050, according to a report by the Organization of the Petroleum Exporting Countries (OPEC), the Kazinform news agency reported Thursday.

Presenting OPEC's outlook on the global oil market at Kazakhstan Energy Week 2025 and the 16th KAZENERGY Eurasian Forum in Astana, Kazakhstan's capital, Behrooz Baikalizadeh, head of OPEC's Petroleum Studies Department, said the rise in demand will be driven by an expected global population growth from 8.2 billion to 9.7 billion.

"By 2050, more than 1.2 billion people will live in cities. Rising costs will also accelerate the economies of the Organization for Economic Cooperation and Development countries," he said.

He added that while steady progress in the oil sector will help improve efficiency and reduce costs, no major technological breakthroughs are expected.

According to the outlook report, renewable energy is projected to account for 13.5 percent of the global energy mix by 2050, while coal and other sources will decline by 13 percent. As coal is gradually phased out, coal-fired generation is expected to shrink to 3.2 terawatt hours, lifting the proportion of alternative energy from 24 percent to 65.5 percent. Enditem