Six pivotal energy and oil market trends from OPEC’s latest Outlook

The essential role of hydrocarbons

First, many governments around the world continue to undergo a re-evaluation of energy policy frameworks. Indeed, there is an increasing realisation of the need to balance the elements of energy security, energy availability, emissions reductions and sustainable development.

Globally, there is a renewed appreciation that hydrocarbons like oil and its associated petroleum products remain vital for both the global economy and daily life.

Global energy demand will continue to expand

Second, global primary energy demand will continue to expand. From now until 2050, we see it increasing by 23%, with growth almost entirely coming from developing countries.

This will be driven by economic growth, expanding populations, ever-increasing urbanisation, new energy-intensive industries, and the need to bring energy to those that still go without.

Billions of people in the developing world are still playing energy catch-up. Around 1.2 billion live in areas so dark that they provide no statistical evidence of electricity usage from space, while 2.3 billion still lack clean cooking solutions. Addressing energy poverty requires just and inclusive transitions that reflect every country’s development stages.

All energies will be required to meet this demand

Third, all energies will be required to meet this demand. The scale of humanity’s energy consumption means that we need to embrace all available energy sources. Indeed, just as our energy history was one of additions – a fact that was particularly evident in 2025, when oil, gas, coal and renewables all reached record demand levels – our energy future will be too.

Against this backdrop, we see oil demand retaining the largest share in the energy mix and reaching 124 million barrels a day by 2050, with no peak in oil demand on the horizon.

Continued efforts to reduce emissions are important

Fourth, the Outlook underscores the importance of continued efforts to reduce emissions.

This includes technologies such as carbon capture, utilisation and storage (CCUS), direct air capture, as well as frameworks such as the circular carbon economy. Many OPEC Member Countries are making significant investments in these technologies, as well as renewables, to support these efforts.

Major investments are required in all energies and all technologies

Fifth, major investments in all energies and all technologies are required. This cannot be emphasised enough. For oil alone, we see the need for investment of $17.7 trillion to 2050, or on average $700 billion annually.

Industry investments should not be impacted by one-off events. It is vital that both developed and developing countries have access to capital and finance to develop their hydrocarbon resources. For many oil producing developing countries, these resources are vital for their future economic and social development.

The World Oil Outlook offers a comprehensive, transparent and objective platform for discussion

And sixth, the WOO is a key part of OPEC’s voice on our evolving energy futures, offering comprehensive, transparent and objective views, and providing a platform for discussion with all stakeholders.

What is clear is that there is no credible way to address all the challenges and embrace all the opportunities before us without utilising all available energy sources and all relevant technologies, and with energy market stability as a cornerstone for the huge investments required.