Related Articles
Forward article link
Share PDF with colleagues

Non-OECD Asia to drive global oil demand growth to 2040

Opec World Oil Outlook 2014 forecasts total global oil demand will reach 111.1m b/d in 2040

Global oil demand will rise by 21 million barrels a day (b/d) between 2013 and 2040, driven by growth in non-OECD Asia, according to Opec's World Oil Outlook 2014. The report, which gives forecasts for global oil supply and demand for the medium-term (to 2019) and long-term (to 2040), forecasts total global oil demand will reach 111.1m b/d in 2040.  Developing nations will drive much of this demand growth, Opec said, adding that over the next five years oil demand in developing countries will rise by 1.1m b/d every year, accounting for a 28m b/d rise by 2040. Opec sees developing countries, particularly those in Asia, as central to future oil demand growth as the region's rising population,

Also in this section
Trade war spills over
7 August 2018
US-China tensions likely to prompt shift in crude, LNG flows
Strategy v market dynamics
2 August 2018
Members must consider a host of complex issues as they wrestle with the problem of managing oil supply
Opec and IEA diverge on world’s capacity cushion
13 July 2018
As trade tensions and disruptions ripple through the market, Opec and the IEA disagree on the risks to supply