OPEC predicts energy infrastructure boom

OPEC predicts energy infrastructure boom

Oil producers’ cartel OPEC predicts a worldwide oil related infrastructure investment boom of $7.5 trillion (£4.6) to 2035 as oil demand continues to rise.

 

OPEC’s 2013 World Oil Outlook increases its forecast for long term oil demand, largely driven by rapid economic growth in Asia, which it says means rising demand for infrastructure from production plants and refineries to pipelines.

 

OPEC, a group of 12 major oil producing nations that produces about one third of world oil supply, says it will have to produce 2.6M barrels a day (b/d) more crude oil than it had previously estimated, which raises its long term production estimate to 37M b/d by 2035.

 

Total world demand will grow by 20M b/d to 108M b/d by 2035, OPEC says. Total global demand for energy will grow by 52% over the same period. A major reason for the growth forecast is said to be increased car ownership in China. OPEC had previously thought that poor infrastructure in China would be a constraint, but has revised this view following recent huge infrastructure investments throughout China.

 

Some 64% of the forecast rise in car ownership will come from Asia and there will be more cars on the road in developing countries than in all of the Organisation for Economic Cooperation and development countries – the developed world.   

 

OPEC dismisses fears that oil stocks will run short. Secretary General Abdalla El-Badri says in the report that there is no shortage of oil and ‘resources are plentiful’. He added: “Increasing global oil demand is supported by an expanding diversity of supply sources: crude oil, including tight oil, NGL’s, oil sands, gas-and-coal-to-liquids, and biofuels.”

 

Photo: Martin Gita

Please rate

Comments 

Name
Email
  Ctrl + Enter

Most Read

UK employers struggle with worst labour shortage since 1997

UK employers struggle with worst labour shortage since 1997

  Britain’s employers are struggling with the worst staff shortages since the late 1990s, amid the rush to reopen from lockdown and a sharp drop in overseas workers due to Covid and Brexit.   Sounding the alarm over the risks to economic recovery from acute labour shortages,

7 companies appointed to Scottish Water’s wastewater portfolio

7 companies appointed to Scottish Water’s wastewater portfolio

Scottish Water forecasts to spend £1bn a year on thousands of miles of water pipes, sewer networks, treatment works and other assets to ensure they continue to play a vital role in the daily lives of five million people.   The programme of work will help to deliver net zero

Defra publishes Government's Strategic Policy Statement for Ofwat

Defra publishes Government's Strategic Policy Statement for Ofwat

Defra has also launched a new consultation seeking views on the new statement - as the independent economic regulator for the water industry, the decisions taken by Ofwat can have significant impacts on customers, the environment and wider society. The 23 page draft statement says that in line with

This website uses cookies to enhance your user experience. By continuing to use this site, you consent to our use of these cookies. See our Cookie Policy.