Global oil demand is expected to climb steadily to 113 million barrels per day (bpd) by mid-century — about 13% higher than 2024 levels — according to the International Energy Agency’s (IEA) latest projections under its “current policies” scenario.
The forecast, released in the agency’s World Energy Outlook, suggests that despite rapid growth in renewable energy and electric mobility, the world is unlikely to see a peak in oil demand before 2050.
The IEA also anticipates a 50% increase in global liquefied natural gas (LNG) supply by 2030, driven by new production capacity in the United States, Qatar, and parts of Africa. This expansion is expected to reshape global gas trade patterns and reinforce natural gas as a key transition fuel in many developing economies.
Overall, the report highlights that global energy demand will continue to rise significantly over the coming decades, fuelled by increasing consumption in the power sector, population growth, and large-scale investments in technology and industrial development.
The agency’s outlook underscores the complex balance between advancing clean energy goals and sustaining the world’s growing appetite for reliable, affordable power sources.
