Most of the production increase will come from countries outside Opec, led by explosive growth from frackers in the United States, with China and India leading the increase in demand. Opec expects global oil demand to reach nearly 112m barrels per day by 2040, driven by transportation and petrochemicals. Although the Opec report shies away from making price predictions, motorists are unlikely to see much in the way of relief on the forecourts. Most oil companies expect peak oil demand will occur in the 2030s, while more bullish predictions say it could come in the 2020s as climate change regulations bite. It hopes to increase its share of world oil supply from 34% now to 40% in 2040.

Source: The Guardian September 23, 2018 14:44 UTC