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Core Insights - The Organization of the Petroleum Exporting Countries (OPEC) projects a 23% increase in global energy demand by 2050 [1] - Oil is expected to remain the largest single energy source, accounting for slightly less than 30% of the energy mix [1] - The combined share of oil and natural gas is anticipated to stay above 50% from 2024 to 2050 [1] - The growth in global energy demand will primarily come from developing countries, while developed nations are expected to see stable or declining energy demand [1]