Asia Pacific Oil Demand Set For 25% Increase By 2040

Despite this year’s drop in oil demand everywhere in the world – including in the top growth driver in recent years, Asia Pacific – demand for oil products in the region has not run its course and could jump by as much as 25 percent by 2040 compared to 2019, Wood Mackenzie said on Tuesday.   According to estimates from the energy consultancy, oil demand in Asia Pacific is on track to drop by 1.8 million barrels per day (bpd) this year compared to the pre-COVID levels in 2019.   As per OPEC’s latest, more positive…