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OPEC assumes end of oil epoch for developed economies

Oil demand in OECD will contract by 1.1 mln barrels per day within the period by 2025, according to the OPEC World Oil Outlook

MOSCOW, October 8. /TASS/. The global oil demand recovery in the near term and the long term will be possible due to the developing economies. The oil epoch has already ended for developed economies and oil consumption in such countries will drop by 1.1 mln barrels per day in the next five years, the Organization of the Petroleum Exporting Countries (OPEC) says in its World Oil Outlook released today.

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Oil demand expectations in member-states of the Organization for Economic Co-operation and Development (OECD) are sharply in contrast with the forecast for developing regions of the globe, OPEC says in the report. The oil demand in OECD will not most probably recover to 2019 levels and after serious twist and turns in 2020 and 2021 will gradually pass from minor growth to decline by the end of the midterm, OPEC forecasts. Oil demand in OECD will contract by 1.1 mln barrels per day within the period by 2025, the Organization says.

The transportation sector of OECD states is actually saturated and has no growth prospects. The economic growth will also remain within 2% and population increase in these countries is limited, OPEC says. Another cause for the slowdown in oil consumption will be the climate change policy and the technology development leading to fossil fuel substitution by more eco-friendly ones.

Global oil supply

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The global oil supply will fully recover and grow by 5 mln barrels daily to 103.9 mln barrels per day by 2025, OPEC's World Oil Outlook predicts.

Oil production in non-OPEC countries will gain 5.7 mln barrels per day and reach 70.7 mln barrels a day by 2025. Supplies from OPEC member-states will contract by 0.7 mln barrels daily over that period to 33.2 mln barrels per day, the Organization says in its report.

The most notable growth of liquid hydrocarbons production until 2025 is expected in Brazil (+1.7 mln barrels per day), the United States (+1.4 mln barrels daily) and in Norway (+0.8 mln barrels daily). Meanwhile production growth in the US and certain other countries will not be as strong as expected, primarily on the back of investment cuts.

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