• Company
  • Products online
  • News terminal

Products online

  • News terminal
  • Caspian Oil & Gas Trends
  • Monthly Azerbaijan Business Monitoring
  • Weekly Azerbaijan Business Monitoring
  • Caspian, Turkey Building & Logistics Monitoring
  • Azerbaijan Energy Projects Review
  • Azerbaijan Banking Analytics
  • Iran Energy Economy Review
  • Central Asia Economic Outlook
  • Weekly Tenders Report
  • Azerbaijan Industry Agriculture Review
  • Azerbaijan Monthly IСT Monitoring
  • Regional Finance
ORDER TRIAL VERSION

Company

  • About company
  • Trend Information Service
  • Vacancies

Communications

  • Reference
  • Achievements

For clients

  • How to subscribe
  • Instant paid access
  • Support service

Trend in social networks

  • Facebook
  • Twitter
  • Youtube
  • Telegram
  • RSS
  • IOS
  • Android

Info Services

  • Trend Politics
  • Trend Society
  • Trend Economy
  • Trend Energy
  • Trend ICT
  • Trend Tourism
  • Trend Culture

Contacts

  • Bakhtiyar Vahabzade Str., 14, Baku, Azerbaijan, AZ1141.
  • sales@trend.az
  • + 994 12 437-12-68
  • RU
  • AZ
  • EN
  • TR
  • FA
AzerNews.Az Today.Az
  • Login
  • Sign up
Trend.Az
  • Latest
  • Azerbaijan
    • Politics
    • Economy
    • Nagorno-Karabakh conflict
    • Society
    • Other News
  • Economy
    • Oil&Gas
    • ICT
    • Finance
    • Business
    • Tenders
    • Tourism
    • Construction
    • Transport
  • Iran
    • Nuclear Program
    • Politics
    • Business
    • Society
  • Central Asia
    • Kyrgyzstan
    • Kazakhstan
    • Turkmenistan
    • Tajikistan
    • Uzbekistan
  • South Caucasus
    • Armenia
    • Georgia
  • World
    • Turkey
    • Europe
    • US
    • Russia
    • Israel
    • China
    • Arab World
    • Other News
  • Latest
  • Azerbaijan
    • Politics
    • Economy
    • Nagorno-Karabakh conflict
    • Society
    • Other News
  • Economy
    • Oil&Gas
    • ICT
    • Finance
    • Business
    • Tenders
    • Tourism
    • Construction
    • Transport
  • Iran
    • Nuclear Program
    • Politics
    • Business
    • Society
  • Central Asia
    • Kyrgyzstan
    • Kazakhstan
    • Turkmenistan
    • Tajikistan
    • Uzbekistan
  • South Caucasus
    • Armenia
    • Georgia
  • World
    • Turkey
    • Europe
    • US
    • Russia
    • Israel
    • China
    • Arab World
    • Other News
  • Trend Photo
  • Login
  • Sign up
  • Home
  • Economy
  • Oil&Gas

Barkindo: Asia will continue to be leading center for oil & energy demand growth

19 November 2019 11:01 (UTC+04:00)
  • 0
  • 0

BAKU, Azerbaijan, Nov.19

By Leman Zeynalova – Trend:

Asia is and will continue to be the leading center for oil and energy demand growth as it seeks to fuel its rapidly growing economy and support the requirements of a rapidly expanding population, Mohammad Sanusi Barkindo, OPEC Secretary General, at the 5th Technical Meeting on Asian Energy and Oil Outlook in Vienna, Austria, Trend reports citing OPEC’s website.

“This is confirmed by our 2019 World Oil Outlook, which was officially launched on 5 November,” said the OPEC secretary general.

He pointed out that global oil demand is expected to increase by roughly 12 million barrels per day (mb/d), rising from 98.7 mb/d in 2018 to 110.6 mb/d in 2040. “The majority of this growth will come from Asia due rapid population growth, an expanding middle class and swift economic expansion.”

Barkindo went on to add that non-OECD (Organization for Economic Co-operation and Development) oil demand is expected to rise by 21.4 mb/d between 2018 and 2040. “Of this, India and China will lead the way with an estimated demand growth of 5.4 mb/d and 4.4 mb/d, respectively.”

He noted that from 2018 to 2040, the economies of India and China combined are forecast to expand from 27 percent of the global economy to 40 percent.

“In both the medium- and long-term, the Asia-Pacific region is also set to be a leader in the expansion of refining capacity. At the global level, 8 mb/d of new crude distillation capacity from all assessed projects is expected between 2019 and 2024, with over 70 percent in the Asia-Pacific and Middle East,” said the OPEC secretary general.

As Barkindo said, increased refinery capacity in Asia will certainly require greater quantities of crude.

“This is reflected in the forecast for trade flows, which sees Asia-Pacific imports expanding. Our latest estimates show crude exports from the Middle East to the Asia-Pacific region increasing by around 7 mb/d between 2025 and 2040, rising to approximately 23 mb/d. This will make the Asia-Pacific region the primary outlet for Middle Eastern crude,” he added.

---

Follow the author on Twitter:@Lyaman_Zeyn

Follow Trend on Telegram. Only most interesting and important news

  • Tags:
  • Mohammad Sanusi Barkindo
  • OPEC
Related news
EIA: OPEC will limit production through all of 2020
Oil&Gas 11:31
JP Morgan: Oil market may face risk of additional 300,000 b/d tightness in 1Q20
Oil&Gas 10 December 15:20
OPEC+ compliance to remain poor among many members
Oil&Gas 9 December 14:26
OPEC’s deeper cuts not to cause dramatic decline in supplies
Oil&Gas 9 December 14:22
Oil prices slip as weak China exports highlights trade war impact
Oil&Gas 9 December 09:38
Deeper OPEC cuts to tip oil market into deficit
Oil&Gas 7 December 09:26
Latest
Uzbekistan produces new type of textiles in co-op with Japanese Kuraray
Business 12:20
Turkey's trade with Belarus increases by nearly $30M
Turkey 12:20
Uzbekistan, EU prepare to sign new co-op agreement
Business 12:14
Turkey's exports of agricultural products to Turkmenistan decreases
Turkey 12:12
Turkmen ministry to put up state property for sale
Business 12:10
EBRD, WB to be Uzbekistan’s partners in construction of tunnels
Construction 12:02
Georgia’s Batumi port reveals volume of industrial oil receipt from Azerbaijan
Oil&Gas 11:57
78 tons of frozen fish exported from Iran’s Kordestan province
Business 11:57
Aramco to become world's largest listed company -bourse
Arab World 11:49
Most popular
Another opposition party to join early parliamentary elections in Azerbaijan
Another opposition party to join early parliamentary elections in Azerbaijan
Heydar Aliyev İnternational Airport expands geography of flights and attracts new airlines
King Abdullah II of Jordan completes official visit to Azerbaijan (PHOTO)
Kazakhstan ratifies agreement with CIS countries to fight cybercrime
Commentary
Rob Sobhani: Tree planting initiative in Azerbaijan will become model for other countries

Rob Sobhani: Tree planting initiative in Azerbaijan will become model for other countries

Turkish diplomat: Armenia must fulfill 3 basic demands of Ankara to establish relations
Azerbaijani parliament needs new persons dealing with tasks more effectively - expert
Azernews Newspaper
Trend.Az
  • About
  • Our Team
  • Products online
  • Trend Information Service
  • News terminal
  • News archive
Contacts
14, Bakhtiyar Vahabzade, Baku, Azerbaijan, AZ1141
+(994 12) 497-31-72
news@trend.az
+(994 12) 497-30-89
© 2019 Trend News Agency
Terms of use