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OPEC forecasts increasing oil production over the next five years

OPEC expects global demand for oil will sit at 112 million barrels of oil daily in 2040. Today, daily consumption today makes up close to 100 million barrels.

Photo: Ritzau Scanpix/AP/DAVE MARTIN

OPEC's annual report forecasts that global oil production will reach new heights over the next five years, reports The Guardian.

The organization expects global demand for oil to sit at 112 barrels of oil daily in 2040. Today, daily consumption today makes up close to 100 million barrels.

The increased consumption is largely attributed to the transport sector. It is forecast that aviation will increase their consumption of oil in the period leading up to 2040 with an increasing consumption of 2.2 percent annually.

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