OPEC expects India’s oil demand to increase by over 150 per cent to 10.1 million barrels per day by 2040 from around 4 million barrels per day currently.

Crude oil supply from non-OPEC countries is unlikely to impact the Organization of the Petroleum Exporting Countries, and it will continue to be the main supplier for consumers such as India. This was stated by OPEC’s Secretary-General, Mohammad Barkindo.

He said that global oil demand growth in 2018 will remain almost flat. In 2017, the demand growth was 1.5 million barrels a day and in 2018 it will be 1.54 million barrels a day.

Crude oil inventories have been declining and falling in line with production cuts by OPEC members, he said, while remaining noncommittal on pricing.

Speaking to journalists at the India Energy Forum by CERAWeek, Barkindo said: “We have seen an unprecedented over 100 per cent compliance with the supply adjustment since January. There has been a massive de-stocking of crude oil inventory in the past few months by OPEC members.”

Barkindo said that OPEC is in talks with other oil countries to join the production cuts.

“We are in talks with four more countries to enforce production cuts and balance the demand and supply,” he said.

Barkindo added that the ‘Declaration of Cooperation’ signed by 24 countries has aided a recovery from the instability seen in the oil markets, as well as the sharp contraction of investments in the industry.