OPEC says the global road transport sector will remain a major driver of oil demand growth in the coming decades, pointing to an expected expansion of the world’s vehicle fleet by about 1.2 billion units by 2050.
The outlook was presented in Geneva by Dr. Ayed Al-Qahtani, Director of OPEC’s Research Division, who delivered guest remarks at the International Road Transport Union General Assembly.
Speaking on behalf of the OPEC Secretariat, Al-Qahtani noted the importance of continued dialogue among energy stakeholders, citing the interconnected nature of global markets and energy systems.
Dr. Al-Qahtani said that OPEC has long recognized the critical importance of dialogue among energy stakeholders given the interconnectedness of global markets and energy issues.
He added that road transport is expected to account for the largest incremental growth in oil demand, driven by continued expansion in global mobility needs and vehicle ownership.
OPEC said the projected increase in the global fleet reinforces the long-term relevance of hydrocarbons in the transport sector, even as governments accelerate efforts to diversify energy sources and reduce emissions.
Al-Qahtani stressed what he described as a balanced approach to global energy transition.
“OPEC continues to advocate for an all-energies, all-technologies, and all-peoples approach. Such a balanced approach is the best way forward to ensure energy security, to meet the growing need for ample, reliable, and affordable energy, and to lower emissions,” he said.
OPEC has consistently maintained that despite the growth of electric vehicles and efficiency gains, oil will continue to play a significant role in the global energy mix for decades, especially in transportation and petrochemicals.
The International Road Transport Union, which hosted the assembly in Geneva, represents the global road transport industry and regularly engages with policymakers on issues including logistics, sustainability, and energy use.
