OPEC: Global Oil Demand to Rise to 81 Mln Barrels Per Day in 2005

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Last updated at: (Beijing Time) Monday, June 10, 2002

OPEC: Global Oil Demand to Rise to 81 Mln Barrels Per Day in 2005

Global oil demand is set to rise to more than 81 million barrels per day in 2005 from around 76 million barrels per day in 2000, an OPEC official said Monday in Kuala Lumpur.

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Global oil demand is set to rise to more than 81 million barrels per day in 2005 from around 76 million barrels per day in 2000, an OPEC official said Monday in Kuala Lumpur.

Javad Yarjani, head of the petroleum market analysis departmentof the Organization of the Petroleum Exporting Countries (OPEC), made the forecast at the seventh Annual Asia Oil & Gas Conference here.

Yarjani said OPEC, in accounting for around 78 percent of the world's proven oil reserves, would continue to play a fundamental role on the world energy scene.

In the latest OPEC World Econometric Model (OWEM) forecasts, Yarjani said world economic growth was expected to expand by over three percent annually over the next 20 years.

"With non-OPEC oil production in the first two decades of the 21st century forecast to most likely remain stable, OPEC member countries will be relied upon to supply the lion's share of the new demand, which will mostly come from developing nations in Asia," he said.

By 2010, Yarjani said OPEC would likely be producing over 37 million barrels per day of crude compared to its current production capacity of around 32.3 million barrels per day.

In another 10 years, OPEC's production would increase to more than 52 million barrels per day, with its global share standing ataround 50 percent.

Oil producers would, he said, need to expand their production capacity to meet this extra demand.

The scale of investments that OPEC members would need to make for the future was enormous, with its projections estimating spending at 97 billion U.S. dollars by 2010, he said.

For this, all producers would require a reasonable level of income from their petroleum exports. That was why an equitable andstable price for crude oil was so essential for the welfare of producers and the future of the industry, Yarjani said.

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