VIENNA—The Organization of the Petroleum Exporting Countries (OPEC) has updated its forecast for global oil demand, predicting a significant increase by 2050, with India expected to be the primary growth driver.

According to Trend News Agency, OPEC now anticipates that global oil demand will grow by 17.5 percent by 2050, reaching 120.1 million barrels per day (bpd), up from current levels. The revised projection highlights India’s critical role, where oil demand is expected to rise by more than double, from the current 5.3 million bpd to 13.3 million bpd. India’s burgeoning economy is one of the fastest-growing globally, fueling this substantial increase in oil consumption.

Other regions, including China, are also projected to see significant growth in oil demand. OPEC forecasts a 15 percent increase for China by 2050, which would bring its consumption to 18.9 million bpd. Additionally, oil demand in the Middle East and Africa is expected to rise steadily, with projected increases by 2050 of 8.8 million bpd and 21.9 million bpd, respectively.

In contrast, Europe is anticipated to experience a decline in oil demand, expected to decrease by 4.2 million bpd by 2050—from the current 13.4 million bpd to 9.2 million bpd. This decline is largely attributed to the European Union’s aggressive shift towards green energy sources.

The report also notes that India has become the world’s most active buyer of liquefied natural gas (LNG) this year, surpassing traditional leaders such as South Korea and Japan. In July alone, India’s LNG purchases surged by 57 percent compared to the previous year, reaching a record 2.78 million tons, the highest figure in the country’s trading history.