Demand for OPEC liquids is projected to increase to around 44.4 million barrels per day (mb/d) in 2040, up from 36.6 mb/d in 2018, said OPEC secretary general.

‘In the downstream, crude distillation capacity additions of around 8 mb/d – close to 50% of the estimated total capacity additions to 2040 – are expected between 2019 and 2024, with over 70 percent in the Asia-Pacific and the Middle East. This points to the potential for significant excess refining capacity in the medium-term period.

Global crude oil and condensate trade is estimated to remain relatively flat at around 38 mb/d between 2018 and 2025, before increasing to around 42 mb/d by 2040,” he said.

Barkindo went on to add that the major oil trade route remains the Middle East to the Asia-Pacific, with the UAE continuing to be a key hub.

“Total Middle East exports are set to increase by around 7 mb/d between 2025 and 2040 to reach close to 23 mb/d.

On the investment side, requirements across the upstream, midstream and downstream are estimated at around $10.6 trillion in the period to 2040.”

OPEC Member Countries remain fully committed to investments across the whole industry value chain, and the issue of returning global investments is a core focus of the ‘Declaration of Cooperation’, he added.

“A key message to highlight is the importance of technologies in reducing emissions. We need to look for more efficient technological solutions everywhere, across all available energies, and utilize all available and innovative options to reduce emissions from the energy sector. The oil and gas industries have to be part of the solution.”

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