BAKU, Azerbaijan, September 25. The Organization of the Petroleum Exporting Countries (OPEC) has revised its global oil demand growth forecast, now projecting an increase of 17.5 percent by 2050, reaching 120.1 million barrels per day (bpd) compared to current levels, Trend reports.
As a result of this adjustment, the primary driver of this growth is projected to be India, where oil demand could rise 2.5 times.
OPEC estimates that by 2050, India's oil consumption will grow from the current 5.3 million bpd to 13.3 million bpd.
India is among the fastest-growing major economies in the world.
Traditional leaders such as China are also expected to see increases in demand, with an anticipated rise of 15 percent by 2050, bringing consumption to 18.9 million bpd.
"Demand for oil in the Middle East and Africa will gradually grow. By 2050, it will increase by 8.8 million and 21.9 million bpd,” OPEC noted.
In contrast, Europe is expected to experience a decline in oil demand, which will decrease by 4.2 million bpd (from the current 13.4 million bpd to 9.2 million bpd).
This decline is attributed to the European Union's significant transition to green energy.
Notably, India has emerged as the world's most active buyer of liquefied natural gas (LNG) this year, surpassing traditional market leaders South Korea and Japan.
In July, India increased its LNG purchases by 57 percent compared to the previous year, reaching a record 2.78 million tons, marking the highest figure in the country's trade statistics.