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OPEC predicts growth in world oil demand in long term

OPEC predicts growth in world oil demand in long term

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Date: 23 December 2015 12:42


Baku, Azerbaijan, Dec. 23

By Aygun Badalova - Trend:

World oil demand will increase in the medium term reaching 97.4 million barrels per day in 2020 compared to 91.3 million barrels per day in 2014, according to the OPEC forecasts, shown in World Oil Outlook (WOO), published on December 23.

During this period, oil demand in the OECD (Organisation for Economic Co-operation and Development) countries is projected to decline by 0.2 million barrels per day, totalling 45.6 million barrels per day in 2020. Oil demand in developing countries is anticipated to increase by 6.1 million barrels per day between 2014 and 2020, reaching 46.4 million barrels per day.

Demand in Eurasia is expected to increase by 0.3 million barrels per day, totaling 5.5 million barrels per day by the end of the medium-term.

Short- and medium-term oil demand growth estimates are clearly impacted by the recent decline in oil prices, according to the report.

Oil demand is estimated to increase by 1.5 million barrels per day in 2015 to 92.8 million barrels per day and by 1.3 million barrels per day in 2016 to 94.1 million barrels per day.

For the long-term, OPEC forecasts oil demand increasing by more than 18 million barrels per day between 2014 and 2040, reaching 109.8 million barrels per day at the end of the forecast period.

Demand in the OECD region is expected to decrease by 8 million barrels per day, down to 37.8 million barrels per day in 2040. However, oil demand in developing countries is expected to increase by almost 26 million barrels per day to reach 66.1 million barrels per day at the end of the forecast period. Demand in Eurasia is estimated at 5.8 million barrels per day in 2040.

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