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OPEC: India's demand for oil will rise 5.8 million b / d by 2040
OPEC's secretary-general Mohamed Barkindo said on Tuesday India's demand for oil is expected to rise by 5.8 million bpd by 2040, accounting for about 40 percent of the total increase in world demand during this period.
"India is expected to see the largest increase in demand for oil (3.7 percent annually) and the fastest growth rate in the period to 2040," Barkindo said.
The Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC) said that the global oil sector needs investment of $ 11 trillion to meet future demand by 2040.
OPEC said in its latest report in September that global demand for oil is expected to rise to 14.5 million bpd from 2017 to 111.7 million bpd in 2040.
Fuel prices in India, the world's third-largest oil consumer and importer, have touched record highs recently due to rising oil prices and a rupee decline, sparking protests across the country.
Barkindo said consumers including India were worried about supply prospects.
"Our view is that the market is well supplied and well balanced. For the year 2019, there is a possibility of disruption, due to greater growth of supply.
Barkindo agrees with Patrick Boyan, chief executive of France's Total Oil and Gas Group, which said on Tuesday he expected demand for oil to fall and supply to rise in 2019.
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