OPEC has raised its long-term forecast for global oil demand, predicting it to reach 116 million barrels per day by 2045. This contrasts with the International Energy Agency's (IEA) prediction that demand for coal, oil, and gas will peak before 2030. OPEC stated that $14 trillion in oil sector investments would be needed to meet the increased demand. The group criticized the IEA's forecast, calling it "extremely risky" and "impractical." The relationship between OPEC and the IEA has been tense, with differing views on decarbonization and production rates.

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