India oil demand seen rising by 5.8 mbpd by ‘40

NEW DELHI: India’s oil demand is expected to rise by 5.8 million barrels per day (mbpd) by 2040, accounting for about 40% of the overall increase in global demand during the period, Opec’s secretary general said on Tuesday. “India is projected to see the largest additional oil demand (3.7 percent per annum) and the fastest growth in the period to 2040,” said Mohammed Sanusi Barkindo, secretary general of the Organization of the Petroleum Exporting Countries (Opec). He added that the global oil sector needed $11 trillion in investment to meet future demand by 2040. Global oil demand is expected to increase by 14.5 million bpd from 2017 to 111.7 million bpd in 2040, Opec said in its latest report, issued in September.