Energy demand to increase 50 percent by 2040 – OPEC

23 March 2016, Accra – The Organisation of the Petroleum Exporting Countries (OPEC) has said energy demand will soar by 50 per cent in 2040 with oil being a chunk of that demand in the next 20 years.

CRUDE-OIL

Crude oil

Providing highlights of an overview of the long-term oil market outlook at the EU-OPEC Energy Dialogue 12th High-Level Meeting in Austria on Monday March 21, OPEC said: “Oil demand reaches almost 110 mb/d by 2040, with developing countries accounting for most of the growth.

“On the supply side, total non-OPEC supply is expected to increase in the next decade, but decline towards the end of the projection period.

“OPEC crude supply is anticipated to increase steadily, which underscores once again the need for future investments in the industry. However, it was stressed that the Outlook is clouded with uncertainties stemming, in particular, from economic growth and non-OPEC supply prospects,” the group said.

Below is the full joint conclusion of the EU-OPEC Energy Dialogue 12th High-Level Meeting:

The twelfth meeting of the energy dialogue between the European Union (EU) and the Organization of Petroleum Exporting Countries (OPEC) took place in Vienna, Austria Monday March 21.

The EU delegation was headed by Miguel Arias Cañete, Commissioner for Climate Action & Energy at the European Commission. The OPEC delegation was led by Abdalla Salem El-Badri, Acting Secretary General of OPEC.

Both parties emphasised that the Energy Dialogue has come a long way since its establishment in 2005 and is more important than ever in the current context of energy markets. Supported by various roundtables, workshops and studies, the Energy Dialogue has resulted in productive joint activities on a wide range of oil and energy related issues and has brought significant benefits to both sides.

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