In its 2012 “World Oil Outlook,” OPEC forecasts that world oil demand will reach 92.9 million barrels per day (bpd) by 2016, which is about one million less bpd than it predicted in last year’s report. About 70% of the demand will come from developing Asia. This year, world oil demand is expected to increase just over 1% to 88.7 million bpd, as demand is expected to fall 0.4% and 2.8% in OECD countries in America and Europe, respectively, and to rise 2.5% in developing countries. OPEC expects that 7.2 million bpd in new capacity for crude oil distillation will be added by 2016. China and India combined will represent more than 40% of total new capacity volume. Asia will account for nearly 40% of the cost of the $230 billion capacity expansion. OPEC member countries have announced plans for about 116 development projects from 2012 to 2016, over which time OPEC expects its liquids capacity will grow by about 5 million bpd.

Source: OPEC