2015 OPEC World Oil Outlook

The Organization of the Petroleum Exporting Countries (OPEC) has released the 2015 OPEC World Oil Outlook (WOO).

• OPEC’s WOO is a means to highlight and further the understanding of the many possible future challenges and opportunities that lie ahead for the oil industry.
• It is also a channel to encourage dialogue, cooperation and transparency between OPEC and other stakeholders within the industry.

Highlights OPEC World Oil Outlook

• Global energy demand is set to increase by almost 50% in the period to 2040.
• Combined, oil and gas are expected to supply around 53% of the global energy demand by 2040.
• Medium-term oil demand is revised upward rising above 97 million barrels a day by 2020.
• Long-term demand is dominated by the developing Asia region, which accounts for 70% of the increase by 2040.
• Non-OPEC liquids supply increases from 56.5 mb/d in 2014 to around 60 mb/d in 2020.
• OPEC crude expands by 10 mb/d to a level of 40.7 mb/d by 2040.
• At the global level, oil-related investment required to cover future demand for oil over the forecast period 2015–2040 is estimated at almost $10 trillion in 2014 prices.
• A review of existing refinery projects indicates that around 7 mb/d of new distillation capacity will be added globally in the period 2015–2020.
• Required cumulative distillation capacity additions are projected to be around 20 mb/d by 2040.