Oil Supply and Demand Outlook to 2040
The World Oil Outlook (WOO), now in its ninth edition, aims to highlight possible future developments in the oil and energy scene, as well as identify the main challenges and opportunities facing the oil industry in the years to come. It presents a comprehensive outlook for oil demand, supply and the downstream for the medium- (2015–2020) and long-term (2020–2040).
The WOO 2015 emphasizes that oil will remain central to the global energy mix over the next 25 years, helping to satisfy the world’s growing energy needs. During this period, the most important source of oil demand increases will be in developing countries where populations continue to grow and many are expected to move out of poverty. To support this demand growth, there is a large resource base available. Supply will increasingly come from diversified sources as well. The outlook also emphasizes that the industry is clouded with uncertainty, such as from economic developments, policy measures, technology and non-OPEC supply. These uncertainties underline the genuine concern that exists over security of demand, which should be seen as the other side of the coin to security of supply.