OPEC forecasts 51-percent growth in global energy demand

Oil&Gas Materials 11 November 2011 17:37 (UTC +04:00)

Azerbaijan, Baku, Nov. 11 /Trend, A.Badalova/

The global primary energy demand will increase by 51 percent over the period 2010-2035, OPEC's "World Oil Outlook 2011" report reads.

For most of the projection period, oil will remain the energy type with the largest share, OPEC believes. The overall share of gas will rise from 23% to 25%.

According to OPEC forecasts, global demand for oil will reach 1.100 mln bpd by 2035 compared to 86.8 mln bpd "Fully 80% of the increase in global demand is in developing Asia, where demand reaches almost 90% of that in the OECD by 2035," the report said.

OPEC predicts world oil demand will amount 92.9 mln bpd in 2015 and 97.8 mln bpd in 2020.

Oil demand in OECD countries will decline in the long-term perspective - from 46.1 mln bpd in 2010 to 46 mln bpd in 2015, 45.2 mln bpd in 2020 and to 41.9 mln bpd in 2035.

According to OPEC forecasts, world oil supply will amount to 90.8 mln bpd in 2020 and 101 mln bpd in 2035.

Total non-OPEC supply increases steadily over the medium-term, rising by 3 mln bpd over the period 2010-2015, OPEC predicts. The key drivers of this growth are the Caspian region, Brazil and Canada.

Non-OPEC countries will supply 55.3 mln bpd in 2015, 57.3 mln bpd in 2020 and 60.5 mln bpd in 2035.

OPEC crude supply is projected at 31.3 mln bpd in 2015, 33.2 mln bpd in 2020 and 39.3 mln bpd in 2035.