Opec raises oil demand outlook
08 November 2017
World consumption will rise from 95.4m barrels a day in 2016 to 102.3m b/d in 2022 –which is an upward revision of almost 2.3m b/d — Opec said in its annual World Oil Outlook report assessing long term trends
Demand will rise to 111.1m b/d by 2040, it said, according to FT.
The growth rate will decelerate, however, from nearly 1.5m b/d in 2017 to 810,000 b/d in 2022 and 300,000 b/d by 2040.
“The outlook assumes that oil prices will gradually rise and that the global economy will decelerate as a result of lower employment growth coupled with lower labour productivity growth. These assumptions will certainly curtail demand growth,” said Opec.
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