LOC22:25
19:25 GMT
VIENNA, Nov 7 (KUNA) -- The Organization of Petroleum Exporting Countries (OPEC) forecast that oil would remain a fuel of choice for the foreseeable future.
"Oil is expected to remain the fuel with the largest share in the energy mix throughout the forecast period to 2040," reads a comprehensive 364-page report, titled "OPEC World Oil Outlook (WOO)."
The report also projected that the total primary energy demand is set to increase by 35 percent in the period to 2040.
It added that long-term oil demand has been revised upward by 1.7 million barrels a day (mb/d) compared to the WOO 2016, with total demand at over 111 mb/d by 2040.
The report forecasted a slide in non-OPEC producers' contribution to global oil supplies on the long-term.
"Non-OPEC liquids supply is forecast to increase from 57 mb/d in 2016 to 62 mb/d in 2022, but in the long-term non-OPEC liquids output is anticipated to see a decline, dropping to 60.4 mb/d by 2040," the report stated.
It anticipated that the demand for OPEC crude would expand to 41.4 mb/d by 2040.
"The share of OPEC liquids in total global liquids supply is estimated to increase to 46 percent by 2040, from 40 percent in 2016," it pointed out.
The report suggested that the long-term demand growth would come mainly from the road transportation (5.4 mb/d), petrochemicals (3.9 mb/d) and aviation (2.9 mb/d) sectors.
"Oil demand in the road transportation sector is driven by the increasing car fleet in developing countries and declining oil use per vehicle in the OECD region.
"The car fleet is anticipated to change smoothly over the forecast period. In the passenger car segment, electric vehicles are estimated to represent 12 percent of the car fleet by 2040," it stated. (end)
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