MORNING LIVE CRUDE OIL UPDATE ::
India’s oil demand is expected to rise by 5.8 million barrels per day (bpd) by 2040, accounting for about 40 percent of the overall increase in global demand during the period, OPEC’s secretary general said on Friday.
“India is projected to see the largest additional oil demand (3.7 percent per annum) and the fastest growth in the period to 2040,” said Mohammed Sanusi Barkindo, secretary general of the Organization of the Petroleum Exporting Countries.
He added that the global oil sector needed $11 trillion in investment to meet future demand by 2040.
Global oil demand is expected to increase by 14.5 million bpd from 2017 to 111.7 million bpd in 2040, OPEC said in its latest report, issued in September. fuel prices in India, the world’s third biggest oil consumer and importer, recently touched record levels due to high oil prices and a weakening rupee, leading to protests across the country.
Barkindo said consumers including India have expressed concerns on the outlook for supply.
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