OPEC+ revises long-term oil demand outlook, calling for more investment, in a sea of uncertainty

OPEC+ approved a new long-term oil demand outlook on Sunday, calling for more investment in the sector expected to be worth $18 trillion by 2050, arguing oil will remain indispensable for decades to come in a world where producers and consumers are facing high energy costs and instability. The group's forecasts diverge from those of the International Energy Agency, which expects oil demand to peak by 2030. OPEC+ said its demand outlook, which sees oil demand growing by 2030 and 2050, was based on an assessment of inflation, economic growth trends and population growth, as well as an evolving energy transition. The group added the outlook was based on assessments of expected economic growth and population trends, as well as technological developments and government policies. OPEC+ has revised its outlook before, and its forecasts have been disputed by some analysts who say the group still underestimates the pace of the energy transition.