Global Oil Demand Is Estimated To Plateau Around In The Second Half Of The 2030s On Increasing EV Penetration In The Passenger Car Segment

Global Oil Demand Is Estimated To Plateau Around In The Second Half Of The 2030s On Increasing EV Penetration In The Passenger Car Segment

Global population is estimated to increase from 7.3 billion in 2015 to 9.2 billion in 2040, stated OPEC in World Oil Outlook (WOO). Organization of the Petroleum Exporting Countries (OPEC) further stated, the additional 1.8 billion people will mainly come from Developing countries. In the Organization for Economic Co-operation and Development (OECD) region, population is forecast to increase by 116 million people in the period to 2040 partly supported by immigration. The share of the global working age population (that is, individuals aged between 15 and 64 years) peaked in 2012, following a steady increase since 1970. Individuals aged 65 or more are anticipated to account for 14% of the world population in 2040, up from today’s level of 8%. Children are estimated to represent 22% of the population by 2040, down from 26% today.

The size of the global economy in 2040 is estimated to be 226% that of 2016. Developing countries are estimated to account for three-quarters of the global GDP growth over the forecast period. Furthermore, one of every two additional $ (2011 purchasing power parity (PPP)) of GDP is expected to come from China and India. Read More…

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