OPEC Predicts Oil Demand to Increase by 9 % in 2040
OREANDA-NEWS. The Organization of the Petroleum Exporting Countries (OPEC) expects an increase in world oil demand by 2040 by 9 %, up to 109.3 million barrels per day (BPD). This follows from the annual forecast World Oil Outlook.
A year ago, OPEC predicted that in 2040 demand will be 110.6 million BPD.
An analysis of regional oil demand shows that the COVID-19 pandemic will have a huge impact on consumption in 2020 and will affect the oil industry for many years to come. Coronavirus spread has pushed global demand expectations downward from pre-crisis forecasts. It also changed the relative weight of different sectors in global consumption, since aviation and road transport were hit harder than other sectors, OPEC notes.
Experts of the organization expect oil demand to fall to 90.7 million BPD in 2020 from 99.7 million BPD in 2019. According to them, from 2021, the demand for oil will return to growth and will reach 103.7 million BPD in 2025.