OPEC: Global oil demand to reach 113.3M bpd by 2030

The Organization of the Petroleum Exporting Countries (OPEC) said in its 2026 world oil outlook report on Thursday that world oil demand is expected to reach 113.3 million barrels per day (bpd) by 2030, AzerNEWS reports.

The organization noted that it does not see a peak in oil usage, projecting that demand will keep growing to 121.7 million bpd by 2040 and 124.1 million bpd by 2050.

The demand will be led by non-OECD countries, rising by almost 27 million bpd between 2025 and 2050, while OECD demand is seen falling by almost 8 million bpd.

OPEC said that the largest contributors to the demand growth will be road transport at 5.7 million bpd, petrochemicals at 4.6 million bpd and aviation at 4.2 million bpd. Meanwhile, oil for power generation is set to decline by 0.5 million bpd.