OPEC expects global oil demand to rise to 96 million barrels per day by 2019

The Organisation of Petroleum Exporting Countries (OPEC) has forecast that the global demand for oil will rise to 96 million barrels per day in 2019, an annual average increase of up to one million barrels per day, which is 7 per cent higher than 2013, when demand was 90 million barrels per day, Anadolu news agency reported.

In its latest report on the world’s oil predictions, issued on Thursday, OPEC suggested that the rate of demand during the period between 2013 and 2040 would rise by 21 million barrels per day to reach 111.1 million barrels per day in 2040.

The organisation said that oil demand in developed countries – notably the members of the Organisation for Economic Co-operation and Development (OECD) – would fall from 45.9 million barrels per day in 2013 to 45.2 million barrels per day in 2019.

The OECD consists of 34 countries, including the United States, France, England, Italy, Japan, Canada, Chile, India, Brazil, Mexico, Portugal, Slovenia, Israel, Turkey and Switzerland.

However, OPEC predicted a slow rise in the demand for oil in Russia and Eurasia (the combined continental landmass of Europe and Asia) during the same period.

The report said that developing countries would have the highest increase in demand, rising about 1.1 million barrels per day on an annual basis, in the period between 2013 and 2019.

Anadolu pointed out that, according to the report, the demand for oil from countries that are not OECD members would soon exceed the oil demand of the member states for the first time in the history of the organisation.

The report noted that during the period between 2013 and 2040, the demand for oil in developing countries would rise by a total of 28 million barrels per day, while the demand rate among OECD members would decline by about 7 million barrels per day.

At the same time, OPEC forecast that oil production in OECD member states will likely rise by 13 million barrels per day in the period from 2020 until 2040.