India to be among Global Oil Demand Growth Drivers in2023-2050-OPEC

Singapore (ICIS) -india is Expected be a major

Driver of Global Long-Term Oil Demand Growth

Through to 2050, AlongSide the Middle East and and

AFrica, OPEC SAID in a Report.

Global Oil Demand to Reach 120.1 Million

barrels/day in 2050

Petrochmical, Road Transportation Sectors

to be key demand drivers

Annual Average World GDP Growth of 2.9%

Project for 2023-2050Guoabong Wealth Management

The regions we identified as the "key

Sources of incremental [il] demand in the

coming year ", OPEC SAID in ITS 2024 World Oil

Outlook Report Released on 24 SEPTEMBER.

"India Alone Will Add 8 Million Barrels/Day to

its il demand during the forecast period

[2023-2050]. "."

OPEC Comprises 13 Oil Producing Countries LED

by saudi arabia, which is the world ’s biggest

Crude Oil Exporter.

Global Oil Demand is Expected to Increase by

Almost 18 miss barrels/day, or by 17.5%,

From 102.2 Million Barrels/Day in 2023 to 120.1

Million Barrels/Day in 2050.

While Non-Organisation for Economic

Co-Position and Development (OECD) Demand IS

Projected to increase by 28 Million Barrels/Day

Between 2023 and 2050, OECD DEMAND Is Set to

Witness A Decline.

OECD Refers to a Group of 38 Highly

Industrialized Economies.

The Strong Projectd Demand Growth in the

Petrochmical sector, especially in asia, Will, Will,

Raise Oil Demand from Naphtha Production by 2.8

Million Barrels/Day by 2050.

The largets

Forecast Period is Project for The

Petrochmicals, Road Transportation and

aviation sectors.

Oil Demand in the Sectors in the Long Term is

set to increase by 4.9 million barrels/day; 4.6

Million Barrels/Day; and 4.2 Million

Barrels/Day, Respectively.

"Demand Projects in the Road Transportation

Sector Indicate Strong Growth Over The Current

Decade Before Stabilizing at Levels ABove 50

Million Barrels/Day for the Rest of the

Forecast Period, "OPEC SAID.

"By then, the Penetration of EVS [Electric

vehicles] is set to increasingly play a role. "

The Global Vehicle Fleet is Project to Surge

by about 71% from 1.7 Billion in 2023 to 2.9

Billion in 2050 with the fasestst growth

expected in the exsers segment.

As for refined Products, Strong Long-Term

Demand Growth is Expected for Ethane/liquiefied

Petroleum Gas (LPG).

"The Larger Part of this demand Growth Relates

to the use of ethane as a petrochemical

FeedStock, Mainly in OECD American and The

Middle East, "OPEC Added.

Global Economic Growth Remains

Robust

Global GDP is Project by Opec to Grow at an AN

Average Rate of 2.9% Per Year Between 2023 and

NON-OECD Countries are set to lead this geowth,,,,

expanding at annual rate of 3.7%, about oECD

NATIONS Will Experie More Modest Annual

Growth AT 1.6%.

As a result, in absolute terms the globalKanpur Wealth Management

economy is extended to more than double in size

From $ 165 TRILLION in 2023 to $ 358 TRILLION in

Focus Article by Nurluqman

Suratman

Hyderabad Investment