*As OPEC to launch World Oil Outlook in November
Lagos — Road transportation will remain one of the main drivers of oil demand, according to Secretary-General of the Organization for the Petroleum Exporting Countries, OPEC, Mohammad Barkindo at the Kuwait Oil & Gas show and conference on Sunday.
According to him, worldwide oil demand is forecast to grow by around 14.5 million barrels per day, rising to nearly 112 million barrels per day by 2040, adding that road transportation will remain one of the main drivers of oil demand – even taking into account advances in efficiency, tightening emissions policies and the growth of electric vehicle use.
On behalf of OPEC, Barkindo said projections show that the total vehicle stock is estimated to grow by around 1.1 billion between 2017 and 2040, to 2.4 billion vehicles, with electric vehicles accounting for just 13% of the overall fleet by 2040.
He added that the largest incremental demand growth for crude oil is projected to come from the petrochemicals sector, according to the Outlook.
The 2019 OPEC World Oil Outlook, WOO will be launched at the Wiener Börse in Vienna, Austria, on Tuesday, 5 November 2019 at 2:00 pm (CET).
Barkindo will present the major findings of the WOO 2019, as well as introduce a video with key messages to support this year’s publication.
Rainer Seele, CEO of Austrian oil company OMV, will also deliver some brief remarks.
This will be followed by a panel discussion and a Q&A with management and analysts from OPEC’s Research Division.
First published in 2007, the WOO provides an in-depth review and analysis of the global oil and energy industries and offers a thorough assessment of various sensitivities in the medium- and long-term development of the oil industry. The publication provides insights into the upstream and downstream, supply and demand, investments, the potential impact of policies and sustainable development. It also provides expert analysis of many of the various challenges and opportunities facing the global oil industry.
Barkindo said: “We see the WOO as a unique, valuable and informative reference tool that enables the Organization to share its views and analysis. This can then be leveraged to stimulate debate and foster knowledge-sharing to drive further research in years to come. We look forward to welcoming a high-level gathering to Vienna for this important launch; to help further promote constructive dialogue and cooperation.”
This year’s publication will again be accompanied by a smart app to give increased access to the publication’s vital analysis and energy data, as well as a comprehensive interactive version.