Non-OECD Asia to drive global oil demand growth to 2040

Opec World Oil Outlook 2014 forecasts total global oil demand will reach 111.1m b/d in 2040

Global oil demand will rise by 21 million barrels a day (b/d) between 2013 and 2040, driven by growth in non-OECD Asia, according to Opec's World Oil Outlook 2014. The report, which gives forecasts for global oil supply and demand for the medium-term (to 2019) and long-term (to 2040), forecasts total global oil demand will reach 111.1m b/d in 2040.  Developing nations will drive much of this demand growth, Opec said, adding that over the next five years oil demand in developing countries will rise by 1.1m b/d every year, accounting for a 28m b/d rise by 2040. Opec sees developing countries, particularly those in Asia, as central to future oil demand growth as the region's rising population,