PARIS: The OPEC cartel warned Tuesday that the oil industry needs to step up investments to guarantee sufficient supply as low prices stimulate demand. The report sees output rising from 95.1 million barrels per day last year to 99.4 million barrels per day in 2021 and then 109.6 million barrels in 2040. It sees non-OPEC production rising from 56.9 million barrels per day in 2015 to 58.6 million in 2021 (including 42.9 million barrels per day of crude oil). After peaking at 61.4 million barrels per day in 2027, it sees output slipping in non-OPEC producers to 58.9 million barrels per day in 2040. OPEC sees demand rising from 93 million barrels per day in 2015 to 99.2 billion in 2021, an increase of one million barrels per day from its forecast last year.

Source: Manila Times November 08, 2016 16:12 UTC