In a recent interview, OPEC’s Director of Research Dr. Omar Abdul-Hamid talked about the demand equation with Siemens: “We saw on average 91 million barrels of demand every single day in 2014. By 2040 we expect 111 million barrels of demand per day. Demand growth mainly comes from emerging economies and developing countries, particularly in Asia, and from OPEC member states. Their demand more than compensates for shrinking use in highly developed countries. Developed countries are reducing their oil consumption due to increasing fuel efficiency. Demand for oil will be in transportation and petrochemicals.”
OPEC’s next meeting is scheduled for June 5 in Vienna, where the group is headquartered. No change to the group’s current policy of defending market share is expected to come out of the meeting, according to a Gulf OPEC delegate.
“The market is firming up and this will continue. Demand is much, much stronger than anticipated,” the delegate said. “There are clear signs and information about growth in demand and slower supply from the high cost and marginal producers.”
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Global demand for refined products is expected to top 95 million bbls per day during the 4th quarter of 2015.
See: https://www.iea.org/oilmarketreport/omrpublic/