Demand for OPEC crude will rise by around 10% over the decade from 2020 as growth in non-OPEC production – led by US light tight oil (LTO) – begins to subside, Norway’s state-owned Statoil says in its recently-released ‘Energy Perspectives’ long-term energy outlook to 2040. The US production boost means stagnant demand for OPEC crude through the end of the current decade, Statoil says.
“The decelerating growth in non-OPEC production through the 2020s leaves room for a gradual increase in OPEC crude output from about 31mn b/d in 2020 to a level of 34mn b/d in 2030, when global oil demand is expected to peak,” Statoil says. (CONTINUED - 794 WORDS)
