OPEC ups medium-term oil demand outlook for 2021
Baku, Azerbaijan, Nov.8
By Leman Zeynalova – Trend:
The medium-term oil demand outlook shows an increase of 6.2 million barrels per day from 93 million barrels per day in 2015 to 99.2 mb/d in 2021, OPEC said in its World Oil Outlook (WOO) 2016 report.
This corresponds to an average annual increase of around 1 million barrels per day, said the report.
“Compared to last year’s WOO, oil demand in 2021 has been revised upwards by 1 mb/d. The net revision to oil demand in developing countries is 0.6 mb/d,” said OPEC.
This is while OPEC has revised the long-term oil demand downwards by 0.4 mb/d (109.4 mb/d) in 2040.
“This downward revision is on the back of a further tightening of energy policies and additional technology developments that foster the penetration of alternative fuel vehicles,” said the report.
OPEC said that developing countries will continue to lead demand growth, increasing by close to 25 mb/d over the period, to reach 66.1 mb/d by 2040.