OPEC Secretary General Haitham Al Ghais said global oil demand will not peak in the near future, rejecting forecasts that expect consumption to slow within years.
Al Ghais at the St. Petersburg International Economic Forum, said, “Let me boldly say that we do not see a peak in oil demand,” Al Ghais said. He further added that earlier forecasts of a demand peak had started to “disappear.”
The comments reinforced OPEC’s long-term view that oil will remain central to the global energy mix beyond 2050.
The group has argued that population growth, economic expansion and energy access needs will keep demand rising.
OPEC’s latest long-term outlook projects continued oil demand growth through 2050. The view differs from forecasts by the International Energy Agency and other energy analysts, who have expected oil use to peak sooner.
Al Ghais said hydrocarbons would continue to play a major role despite the global energy transition.
