| Demand for oil will continue to rise for the next 25 years, driven by emerging economies, particularly those from Asia, according to Omar Abdul-Hamid, the director of OPEC’s Research Division. “News of the end of oil has been exaggerated,” Abdul-Hamid said in a recent interview with an in-house magazine published by Siemens. “We saw on average 91 million barrels of demand every single day in 2014. By 2040 we expect 111 million barrels of demand per day.”
“Demand growth mainly comes from emerging economies and developing countries, particularly in Asia, and from OPEC member states. Their demand more than compensates for shrinking use in highly developed countries,” he said. He added that OPEC saw that there remained sufficient global oil resources to satisfy the growing demand...............................................Full Article: Source
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