OPEC says members investing heavily to ensure oil supply

EghtesadOnline: OPEC members are investing heavily to ensure supplies can meet global oil demand, which is likely to continue to rise steadily, the group's secretary general told an energy conference on Monday.

News ID: ۷۳۸۳۹۸

05 December 2016

Mohammed Sanusi Barkindo, addressing delegates at India's flagship energy event, Petrotech, said Asia will have a big role to play in global demand growth, Reuters reported.

"Alone in India, oil demand is projected to rise to more than 10 million barrels per day (bpd) by 2040, from 4.1 million barrels per day now," said Barkindo.

Overall, the outlook from the Organization of the Petroleum Exporting Countries calls for world oil demand to rise by 17 million bpd to around 110 million bpd by 2040, he said.