Goa: India is set to emerge as the largest contributor to global oil demand growth through 2050, according to the OPEC World Oil Outlook 2025, presented at India Energy Week (IEW) 2026 in Goa.
The outlook highlights India’s expanding role in shaping global energy markets amid rising economic activity, population growth, and industrialisation.
Presenting OPEC’s flagship long-term outlook on the second day of the event, Dr Abderrezak Benyoucef, Head of the Energy Studies Department, Research Division, Organization of the Petroleum Exporting Countries (OPEC), stated that India alone is projected to add 8.2 million barrels per day of oil demand by 2050.
The growth is expected to be driven primarily by transportation, petrochemicals, and industrial activity.
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OPEC Outlook Highlights India’s Central Role in Global Energy Demand
According to the OPEC outlook, global oil demand is projected to continue rising over the medium and long term, reaching nearly 123 million barrels per day by 2050.
Demand growth is expected to be concentrated in non-OECD regions, with India identified as the most stable and significant contributor to global primary energy demand growth.
India’s total primary energy demand is projected to nearly double, increasing from around 22 million barrels of oil equivalent per day in 2024 to approximately 43.6 million barrels of oil equivalent per day by 2050.
At the global level, primary energy demand is forecast to rise by 23 percent over the same period, growing from about 308 million barrels of oil equivalent per day to nearly 378 million barrels of oil equivalent per day.
Non-OECD countries are expected to account for close to 72 percent of total global energy demand by 2050, as per the OPEC projections.
On the economic front, the outlook noted that India is expected to emerge as the world’s fastest-growing major economy, with average annual GDP growth of around 5.8 percent between 2024 and 2050.
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India’s share of global GDP is projected to increase from approximately 8 percent in 2024 to 17 percent by 2050, further strengthening its influence on global energy markets. Globally, economic growth over the outlook period is expected to be driven largely by non-OECD economies.
Demographic trends are also expected to reinforce India’s central role in future energy demand. The OPEC outlook noted that India, already the world’s most populous country, will continue to anchor global population growth alongside rising urbanisation and improving living standards.
Globally, the population is projected to increase by around 1.5 billion by 2050, with nearly all growth occurring in non-OECD countries.
The outlook further underscored the need for sustained investment to meet rising energy demand and offset natural decline rates. Globally, cumulative oil-related investment requirements are estimated at around USD 18.2 trillion between 2025 and 2050, including nearly USD 15 trillion in upstream investments, according to OPEC.
India Energy Week 2026 is being organised in Goa from January 27 to January 30, bringing together global policymakers, industry leaders, and energy stakeholders to discuss pathways toward a secure, sustainable, and affordable energy future.
