The Organization of the Petroleum Exporting Countries said that global oil consumption will continue to swell well into the midcentury, with no peak in sight, rebutting outside forecasts that the world is shifting away from oil.

OPEC released its annual World Oil Outlook on Thursday, predicting that global energy demand will grow by at least 23% by 2050.

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The bloc has forecast that oil will play a key role in meeting these power needs, with oil projected to maintain the largest share in the global energy mix in 2050 at around 30%. When combined with gas, the fossil fuels are expected to make up more than 50% of the global mix. 

The oil-producing bloc indicated that much of this reliance on fossil fuels will continue to be driven by the desire to keep energy costs low and secure reliable sources of power. 

“Positively, it has become increasingly clear to many policymakers in recent years that the narrative of swiftly phasing out oil and gas has been seen for what it is: unworkable, and a fantasy,” OPEC Secretary General Haitham Al Ghais said. 

“Many initial net-zero policies promoted unrealistic timelines or had little regard for energy security, affordability, or feasibility — this mindset is shifting,” he said. 

As the bloc insisted that oil is central to the global economy and everyday life, OPEC said it sees “no peak demand on the horizon.” 

OPEC’s bullish forecast deviates from other recent projections made within the energy sector, such as the International Energy Agency, which has predicted that global oil demand will peak by 2029. 

Forecasters such as the S&P Global Commodity Insights have also suggested that demand could start to contract after 2035. And even companies like Exxon Mobil have held more bearish views over consumption, with the producer forecasting last August that demand would remain stagnant from 2025 until 2050.  

It does, however, align with the Trump administration’s “Drill, Baby, Drill” agenda.

While the administration has primarily held a U.S.-centric view to its energy policies, Cabinet members, including Energy Secretary Chris Wright and Interior Secretary Doug Burgum, have repeatedly emphasized the need to utilize fossil fuels to meet growing energy demands, rather than greener alternatives. They have also held more bullish views on future production and demand growth, downplaying concerns that producers will be held back by dropping prices and high tariffs.

OPEC emphasized the importance oil will have in meeting demand over the next few decades in its outlook, but the bloc also highlighted a need to reduce emissions and support embrace lower carbon solutions for the energy sector. 

In addition to embracing energy sources like wind, solar, and nuclear, OPEC advocated for the use of carbon capture and storage technologies and direct air capture. 

OPEC has also called for increased investment in all energy technologies, saying that the oil industry alone will need $18.2 trillion worth of investment by 2050. 

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“Why? Because it is clear that the world needs all energies to deliver the energy security and energy availability that it desires, and all technologies to achieve the emissions reductions it requires,” Al Ghais wrote. 

“As such, the need to embrace a prudent approach to future energy pathways for nations and peoples around the world is also central to this year’s” outlook, he said.