OPEC didn’t surprise anyone when it said in its World Oil Outlook (WOO) 2018 that the world’s primary energy demand will surge by 33 percent from 2015 levels to 365 million barrels of oil equivalent a day (boed) in 2040, with developing economies accounting for nearly 95 percent of this growth. It also didn’t come as a surprise that India and China are forecast to be the most important contributors to energy demand growth, either. Energy demand in India and China is expected to jump by 22 million boed and 21 million boed, respectively, by 2040—accounting for more than 50 percent of energy demand growth in developing economies, OPEC reckons. BP Energy Outlook 2018 , for example, also sees China, India, and other emerging Asia economies accounting for around two-thirds of the growth in energy consumption through 2040. Regardless of the peak oil demand and energy transition narratives, OPEC […]