OPEC – World Oil Outlook, 2024-2050

The World Oil Outlook (WOO) for 2024-2050 emphasizes the challenges of energy security and reducing emissions. It examines global trends, focusing on energy security, availability, and emissions reduction, aiming for just and inclusive future energy pathways. The outlook predicts robust global population growth, urbanization, and economic expansion, with GDP expected to double by 2050. While energy policy ambitions are high, there may be pushback on overly ambitious targets. Technology advancements will impact energy demand and supply, with ICE vehicles dominating road transportation, and EVs facing obstacles. Global primary energy demand is projected to increase by 24% by 2050, driven by non-OECD regions, particularly India. The outlook also highlights the importance of carbon abatement technologies like CCUS. Overall, the report underscores the need for balanced and realistic energy solutions to address the world's growing energy demands and environmental challenges.