(MENAFN- ProactiveInvestors)
China is expected to become the world’s largest oil consumer within two decades with global oil demand to rise 16% to 104 million barrels a day in 2040.
The International Energy Agency noted that China would overtake the U.S. in the early 2030s.
Oil demand to 2040 would also be driven by India Southeast Asia the Middle East and sub-Saharan Africa with Asia expected to account for 60% of total demand growth in the period.
In contrast consumption in developed economies will shrink with oil use in the U.S. falling to the lowest level in decades the IEA said.
The price of Brent on the ICE futures exchange in London has slipped US$0.76 cents (0.9%) to US$81.58 a barrel close to its lowest level for four year.
West Texas Intermediate for December delivery is hovering around the US$77 a barrel down US$0.27 at US$77.13 in New York trading.
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