OPEC global oil demand could rise to 124 million barrels per day by 2050, according to projections highlighted by Secretary-General Haitham Al Ghais during a working visit to Algeria.
Al Ghais said current demand stands at around 105 million barrels per day, based on figures he presented, implying an increase of roughly 19 million bpd over the coming decades. The projection forms part of OPEC’s World Oil Outlook 2026 and represents the organization’s long-term scenario rather than a guaranteed level of future consumption.
OPEC also expects total global energy demand to increase by 23% by 2050. Al Ghais linked that outlook to population growth and economic expansion, particularly in developing economies.
OPEC forecasts rising long-term energy needs
According to the OPEC secretary-general, the global economy could double in size from its current level, while emerging and developing economies would contribute significantly to that expansion.
Under OPEC’s reference outlook, rising population and economic activity would translate into higher energy needs. The organization therefore does not expect oil demand to disappear over the period covered by its forecast, instead projecting continued growth through 2050.
The long-term figures remain forecasts, however. Actual oil consumption will depend on a range of economic, technological, regulatory and broader energy-market developments over the next quarter-century.
$17.7 trillion in oil investment estimated through 2050
OPEC estimates that the global oil industry will require approximately $17.7 trillion in investment between 2026 and 2050. That would amount to more than $700 billion per year on average.
Al Ghais used the projection to argue for continued investment in energy supply to meet future demand. OPEC’s outlook also frames energy security, affordability and emissions reduction as simultaneous challenges for the sector.
For producing countries including Algeria, the forecast keeps upstream and wider hydrocarbon investment central to discussions over how future energy demand will be met.
Algeria visit highlights OPEC+ cooperation
During his visit to Algiers, Al Ghais also called for continued cooperation among oil-producing countries as the global energy market changes.
He identified economic fluctuations, geopolitical tensions and security of supply among the challenges facing producers. OPEC+ remains a central mechanism for coordination between OPEC members and participating non-OPEC producers, according to his remarks.
Al Ghais also said cooperation increasingly extends beyond oil-market coordination to areas including expertise exchange, technology transfer, research, studies and dialogue on energy and climate issues.
His working visit to Algeria took place from September 26 to 29 at the invitation of Minister of State and Hydrocarbons Minister Mohamed Arkab. Their discussions covered developments in the global oil market, its outlook and the main challenges facing the industry.
Al Ghais was also received by President Abdelmadjid Tebboune alongside an OPEC delegation.
Ten years since the Algiers Agreement
The visit coincided with the tenth anniversary of the 2016 Algiers Agreement, an important step in the cooperation that later developed into the OPEC+ framework.
Al Ghais credited Algeria with playing a “decisive and historic role” in efforts to rebalance the global oil market. That assessment reflects the OPEC secretary-general’s characterization of Algeria’s contribution.
The agreement reached in Algiers preceded the Declaration of Cooperation between OPEC members and several non-OPEC producers, which became the basis for the broader OPEC+ mechanism.
Algeria continues to participate in the alliance’s coordination processes. Al Ghais referred to its involvement in monitoring commitments, assessing market developments and voluntary production adjustments.
The projections presented during the visit point to an energy market in which OPEC expects oil to retain a significant role through 2050. For Algeria, the outlook also places the country’s hydrocarbon sector within a wider debate over investment, supply security and producer coordination as global energy demand evolves.
Sami B. is the founder and editor of Algeria News Gate, an independent English-language platform covering Algeria’s political, economic, and business developments. Based in Europe, he reports on official announcements, economic trends, and international relations involving Algeria.