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 111.1 million b/din2040. 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 1.1 million b/d every year, accounting for a 28 million 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, increasing urbanisation and economic expansion improve social conditions and the need for mobility increases over the next few decades.
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