Baku, Azerbaijan, Nov. 6
By Aygun Badalova - Trend:
Global oil demand will increase by an average of 1 million barrels per day annually, reaching 96 mb/d by 2019, according to OPEC's World Oil Outlook (WOO) 2014.
The key to demand increases is clearly developing countries, with an annual rise of 1.1 mb/d, the report said.
In 2015 OPEC predicts world oil demand at 92.3 mb/d with 40.1 mb/d to account for the developing countries.
Oil demand reaches 111 mb/d by 2040, a rise of 21 mb/d from 2013, according to OPEC's expectations.
Non-OPEC liquids supply, according to the predictions, will amount to 61.9 mb/d in 2040 compared to 63.3 mb/d in 2030 and 61.2 mb/d in 2020.
Non-OPEC crude supply declines over the period 2020-2040, but increases in other forms of liquids supply more than compensate for this, according to OPEC's predictions.
"It means that total non-OPEC liquids supply rises from 54 mb/d in 2013 to around 63 mb/d over the period 2025-2035, followed by a slight decline to 62 mb/d by 2040. Crude output from non-OPEC regions thereby exceeds that of OPEC for each year to 2040", the report said.
OPEC predicts the cartel's crude oil supply to fall in the medium-term years to below 29 mb/d. Over the long-term the supply is predicted to reach over 39 mb/d by 2040, more than 9 mb/d higher than in 2013.
The supply in 2035 is 1.3 mb/d lower than in the WOO 2013.
The share of OPEC crude in the world liquids supply in 2040 is 36 percent, only slightly above 2013 levels.