OPEC sees no long-term peak in oil demand, Secretary General says
OIL & GAS

OPEC sees no long-term peak in oil demand, Secretary General says

OPEC does not anticipate a peak in oil demand in its long-term forecast, projecting growth to 116 million barrels per day by 2045, with the potential for even higher figures, as stated by the secretary general.

In contrast, the International Energy Agency (IEA) reported that it expects oil demand to peak by 2029, stabilising at around 106 million barrels per day (bpd) towards the end of the decade.

Hathaim Al Ghais, writing in Energy Aspects, described the IEA report as "dangerous commentary, especially for consumers," which he believes "will only lead to energy volatility on a potentially unprecedented scale."

OPEC+, which includes the Saudi-led OPEC (the Organization of the Petroleum Exporting Countries) and allies like Russia, has implemented a series of significant output cuts since late 2022 to stabilise the market.

OPEC+ members are collectively reducing output by 5.86 million bpd, approximately 5.7% of global demand. This includes cuts of 3.66 million bpd that the group agreed on June 2 to extend by a year until the end of 2025, along with cuts of 2.2 million bpd that will be gradually phased out over a year starting in October.

The Paris-based IEA, which provides advice to industrialized countries, has moved forward its forecast for peak oil demand, having previously indicated in October that it would occur by 2030. The IEA now predicts that oil demand will begin to decline in 2030, while the U.S. and other non-OPEC countries increase their supply.

OPEC does not anticipate a peak in oil demand in its long-term forecast, projecting growth to 116 million barrels per day by 2045, with the potential for even higher figures, as stated by the secretary general. In contrast, the International Energy Agency (IEA) reported that it expects oil demand to peak by 2029, stabilising at around 106 million barrels per day (bpd) towards the end of the decade. Hathaim Al Ghais, writing in Energy Aspects, described the IEA report as dangerous commentary, especially for consumers, which he believes will only lead to energy volatility on a potentially unprecedented scale. OPEC+, which includes the Saudi-led OPEC (the Organization of the Petroleum Exporting Countries) and allies like Russia, has implemented a series of significant output cuts since late 2022 to stabilise the market. OPEC+ members are collectively reducing output by 5.86 million bpd, approximately 5.7% of global demand. This includes cuts of 3.66 million bpd that the group agreed on June 2 to extend by a year until the end of 2025, along with cuts of 2.2 million bpd that will be gradually phased out over a year starting in October. The Paris-based IEA, which provides advice to industrialized countries, has moved forward its forecast for peak oil demand, having previously indicated in October that it would occur by 2030. The IEA now predicts that oil demand will begin to decline in 2030, while the U.S. and other non-OPEC countries increase their supply.

Related Stories

Gold Stories

Next Story
Products

Koemmerling opens Navi Mumbai experience centre

Koemmerling, a brand of the profine Group, has expanded its presence in the Mumbai metropolitan region with the opening of a new experience centre in Navi Mumbai and launched its Allure S46 minimal sliding door system for the Indian market.Located in CBD Belapur, the facility was inaugurated by Peter Mrosik, Owner and CEO, profine Group, along with Farid Khan, Chairman and Managing Director, profine India, and Kamal Bajaj, CEO, profine India.The company said the new centre will showcase its portfolio of uPVC and aluminium window and door systems to architects, developers and homeowners.The ina..

Next Story
Products

India's waterproofing market nears Rs 150 bn milestone

India's waterproofing industry is approaching a market size of Rs 150 billion and is expected to surpass the $2 billion milestone, according to speakers at the 2nd India International Waterproofers Conference & Expo 2026 organised by the Waterproofers Association of India (WAI) in New Delhi.The two-day event brought together more than 20 speakers, 55 international delegates and 53 exhibition booths, with discussions focusing on climate-resilient construction, advanced waterproofing technologies and international collaboration.Inaugurating the event, Durga Shanker Mishra, former Secretary, ..

Next Story
Real Estate

Dilip Buildcon Q1 FY27 Revenue at Rs 23.78 billion

Dilip Buildcon Limited reported consolidated revenue from operations of Rs 2,378 crore in Q1 FY27, along with EBITDA of Rs 429 crore and profit after tax of Rs 128 crore.Consolidated EBITDA margin stood at 18.1%, improving from 17.1% in Q4 FY26. On a standalone basis, revenue from operations was Rs 1,930 crore, EBITDA stood at Rs 199 crore and PAT was Rs 39 crore, with an EBITDA margin of 10.3%.The company’s order book stood at Rs 27,691 crore as of 30 June 2026, compared with Rs 28,830 crore as of 31 March 2026. Roads and highways accounted for 17.1% of the order book, irrigation and water ..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement