Demand For OPEC Crude To Decline Until 2023, Recover In Late 2020s - OPEC

MOSCOW (Pakistan Point News / Sputnik - 23rd September, 2018) The demand for OPEC crude will decline in the medium-term but then will recover in the latter half of the 2020s, the OPEC said in the World Oil Outlook 2040.

"Given strong US and other non-OPEC medium-term supply growth, the implied demand for OPEC crude is estimated to decline from 32.6 mb/d [million barrels per day] in 2017 to 31.6 mb/d in 2023. However, it rises again to current levels in the latter half of the 2020s, when US tight oil, and as a result, total non-OPEC supply peaks. Thereafter, a gradual decline in non-OPEC liquids supply, coupled with moderate, but sustained global demand growth, leads to a steady increase in demand for OPEC crude, which rises to nearly 40 mb/d by 2040," the report read.