OPEC

OPEC is saddened by the passing of Dr. René G. Ortiz, whose contributions to the oil industry and the Organization will be long remembered. The OPEC Secretariat conveys its heartfelt condolences to his family, friends, and colleagues across the OPEC Family.

Dr. Ortiz served as OPEC Secretary General from January 1979 to June 1981. He previously represented Ecuador on the OPEC Economic Commission Board (1976-1978), served as Ecuador’s Governor for OPEC in 1977, and held the position of Ecuador’s Minister of Energy on two occasions.

The legacy he leaves will continue to inspire future generations of energy professionals around the world.

A reassessment of the outlook for US tight crude indicates that tight crude
supply may have peaked in 2025, at just over 9 mb/d. However, total US liquids
supply is expected to continue growing, albeit by a modest 0.4 mb/d until 2030,
before plateauing thereafter. This is supported by a continued expansion in NGLs
supply and a small projected increase in biofuels.

Oil demand growth will be driven predominantly by light distillates and middle distillates, while the increase in demand for heavy products is forecast to be modest, mostly due to the increasing rate of substitution.

In the light products sector, the largest increase by 2050 is expected for ethane/LPG (+3.5 mb/d), followed by naphtha (+3.2 mb/d) and gasoline (+2.4 mb/d). The middle distillate growth in the same period will be driven by jet/kerosene (+4.2 mb/d), followed by gasoil/diesel (+3.8 mb/d).

Car ownership in OECD regions has mostly reached maturity, with modest changes over the outlook period. At the same time, car ownership in India, Other Asia and other developing non-OECD countries is forecast to increase strongly over the outlook period.
However, car ownership per 1,000 people will still remain far below OECD levels. The only exception is China, where car ownership per 1,000 people is set to come close to levels in the OECD Asia-Pacific by 2050.

Regional energy demand growth remains robust across most non-OECD regions in the long term. India emerges as the main driver of global energy demand growth. The country’s primary energy demand is projected to double between 2025 and 2050 and reach 45.6 mboe/d by 2050.

Other Asia is expected to see strong demand growth of around 14.5 mboe/d. The Middle East, Africa and Latin America are also expected to see a strong growth in primary energy demand in the outlook period.

At the same time, primary energy demand in China is projected to peak in the mid-2030s, while demand in Russia is expected to decline modestly throughout the outlook period.

Oil products are central to global trade. The majority of goods are transported via oil-powered shipping networks.

Global electricity generation is projected to increase from around 32,000 terawatt hours (TWh) in 2025 to around 60,000 TWh in 2050. This expansion is supported by demand growth in the residential/commercial sector, industry, transport and data centers.

Around 75% of this growth is anticipated to come from developing countries, with almost 60% alone from developing countries in Asia.

By far the largest increase in the generation mix is projected for wind and solar, expanding from around 5,400 TWh in 2025 to around 26,000 TWh in 2050.

Why is the IEA questioning the reliability of Gulf producers?

Article by HE Haitham Al Ghais, OPEC Secretary General
Published on 24 July 2026

Read here➡️

Secretary General’s Corner Why is the IEA questioning the reliability of Gulf producers?

Oil is essential in high-performance sports like motorsports racing. Equipment, racetracks and maintenance systems depend on oil-derived materials.