MOSCOW (Pakistan Point News / Sputnik - 13th November, 2019) The International Energy Agency (IEA) in one of its scenarios expects global oil demand to grow on average by 1 million barrels per day until 2025, according to the IEA's World Energy Outlook published on Wednesday.
"In the Stated Policies Scenario, global oil demand rises by around 1 mb/d on average every year until 2025. The largest increases in production between 2018 and 2040 come from the United States, Iraq and Brazil," the report says.
"The share in oil production from countries in the Organization of the Petroleum Exporting Countries (OPEC) plus Russia falls to 47% for much of the 2020s, a level not seen since the 1980s. The oil price required to balance supply and demand in this scenario edges higher to nearly $90/barrel in 2030 and $103/barrel in 2040," the document adds.
