…OPEC’s liquid output to drop to 60mb/d
25 November 2017, Sweetcrude, Lagos – Road transportation, petrochemicals and aviation will be the leading sectors on demand for oil by 2040.
Secretary General of the Organisation of the Petroleum Exporting Countries, OPEC, Dr. Mohammed Barkindo, made the revelation at the 25th Lustrum Symposium held at Delft, Netherland on Friday.
According to the OPEC chief, road transportation is expected to consume 5.4 million barrels per day, mb/d, by 2040, petrochemicals, 3.9mb/d; and aviation, 2.9mb/d.
In 2016, OPEC in its World Oil Outlook, WOO, revised long-term oil demand slightly downwards by 0.4mb/d with total demand at over 109 mb/d by 2040.
It said developing countries will continue to lead demand growth, increasing by close to 25mb/d, to reach over 66 mb/d by that year.
“Long-term demand growth comes mainly from road transportation (6.2mb/d), petrochemical (3.4mb/d) and aviation (2.8mb/d) sectors”, according to the 2016 WOO.
On supply, Barkindo said non-OPEC liquids supply is forecast to increase from 57mb/d in 2016 to 62mb/d in 2022.
The share of OPEC’s liquids in the total global liquids supply is forecast to rise to 46 percent by 2040 up from 40 percent in 2016, he added.