OPEC Expects Oil Demand To Grow In Period Up To 2040 With Growth Decelerating Over Time

MOSCOW (UrduPoint News / Sputnik - 23rd September, 2018) The OPEC forecasts that oil demand is projected to increase in the period up to 2040 but growth will decelerate over time, the cartel said in the World Oil Outlook 2040.

"Oil demand projected to increase by 14.5 mb/d [million barrel per day] to reach 111.7 mb/d by 2040, but growth decelerates over time," the report read.

The OPEC added that India was projected to see the largest additional oil demand and the fastest growth in the period to 2040.

"In terms of incremental demand over the forecast period, India is projected to have the fastest average demand growth (3.7% p.a.), as well as the largest additional demand of 5.8 mb/d. With this fast demand growth, India will likely pass the mark of 10 mb/d sometime towards the end of the forecast period. Despite this impressive growth, its total demand will still be far below the level of China," the report read.