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OPEC downgrades forecast for global oil demand growth over the medium-term and long-term

“India is thought to be the country with the fastest oil demand growth and the largest additional demand over the next two decades” writes Sam Meredith for Over the long-term, global oil demand is projected to climb by about 12 million b/d, rising from 98.7 million b/d in 2018 to 110.6 million b/d in 2040.As a result, OPEC has lowered its outlook numbers for global oil demand growth, to 104.8 million barrels per day (b/d) by 2024, and 110.6 million b/d by 2040.The average growth will be about 1 million b/d over the medium-term period, OPEC said, with incremental demand likely to come primarily from non-OECD countries.”Signs of stress have appeared in the global economy, and the outlook for global growth, at least in the short- and medium-term, has been revised down repeatedly over the past year,” OPEC said.

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