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OPEC: The World Will Need an Extra 19.5 Million Bpd Refining Capacity by 2050 ...Middle East
The world will need as much as 19.5 million barrels per day (bpd) of new refining capacity by 2050 to meet rising global oil demand, OPEC said in its 2025 World Oil Outlook (WOO) with forecasts through the middle of the century. Overall, OPEC expects global oil demand to continue rising by 2050, with global oil demand projected to increase by more than 19 million bpd between 2024 and 2050, reaching nearly 123 million bpd. India, Other Asia, the Middle East, and Africa are set to be the primary sources of long-term oil demand growth. Combined demand…
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