India’s economy will grow at the fastest pace through 2040 and the country’s oil demand growth will remain the fastest globally, in a market that will likely require investments of over $11 trillion. These are the key findings of the just released World Oil Outlook 2040 report by Organization of Petroleum Exporting Countries (OPEC).
According to the report, global primary energy demand is estimated to increase to 365 million barrel of oil equivalent per day (mboe/d) in 2040 from 274 mboe/d in 2015, growing annually at 1.2 per cent in the period.
Developing countries led by India and China are expected to account for 95 per cent of the increase in the total primary energy demand. Energy demand in India and China is expected to increase by around 22 mboe/d and 21 mboe/d, respectively, in the period 2015–2040, the report noted. Read more
Latest posts by ET Energy World (see all)
- Petrol, diesel prices stable after five continuous days of spike - November 13, 2019
- India’s economic woes hit coal imports, but crude oil soldiers on for now - November 12, 2019
- Delhi’s air quality nears ‘severe’ levels again; northwesterly winds, farm fires to blame - November 12, 2019