Global energy demand to rise by 96 mln bpd by 2040: OPEC

Global energy demand growth is expected to increase by approximately 96 million barrels of oil equivalent per day between 2016 and 2040, according to OPEC Secretary General.

“Roughly 23 percent of this increase will come from China,” Mohammad Sanusi Barkindo said, addressing the second high-level meeting of the OPEC-China energy dialogue in Beijing on Tuesday.

China’s total import of crude oil rose from around 1.4 million barrels per day (bpd) in 2000 to more than 8.3 million bdp expected for 2017. 

“Close to 60 percent of this came from OPEC member countries. Currently, China is the world’s second largest consumer of oil and is forecast to take first place sometime around 2035,” he said.

China’s overall imports from OPEC member countries amounted to $93 billion in 2016, an increase of $85 billion from 2000, while OPEC’s total imports from China rose from $6 billion in 2000 to over $106 billion in 2016.

Barkindo said the market rebalancing process is well underway, supported by historically high levels of conformity by 30 OPEC and non-OPEC countries to curb oil production cut throughout 2018.

Commercial oil stocks in the OECD fell in November and the difference to the latest five-year average has been reduced by around 200 million barrels since the beginning of this year.

“Investments and confidence are returning to the industry and a spirit of collaboration, equity and transparency infuse OPEC’s relations with its non-OPEC oil producing partners,” Barkindo said.