OPEC’s Oil Demand Bet Is on India, Not Europe

AI Summary

OPEC's World Oil Outlook 2026 predicts continued growth in global oil demand, rising from 105.1 million barrels per day in 2025 to 124 million by 2050. The group emphasizes that there is no peak oil demand in sight, despite the rise in electric vehicle sales and net-zero government targets.

Every year, OPEC releases a long-term outlook that says oil demand will keep growing. Every year, critics roll their eyes. This year, OPEC doubled down. In its World Oil Outlook 2026, the producer group said global oil demand will climb from 105.1 million barrels per day in 2025 to 113.3 million bpd by 2030 and top 124 million bpd by 2050. More importantly, OPEC says there is still no peak oil demand in sight. That's a bold claim in a world where EV sales dominate headlines, governments continue talking about net-zero targets, and energy transition…