The Organisation of Petroleum Exporting Countries (OPEC) expects global crude oil demand to increase from 20 million barrels per day (bpd) to 107 million bpd by 2035
According to OPEC in 2012 global refining report, $230 billion out of the estimated amount will be needed for existing projects; $300 billion for required addition projects and around $750 billion for maintenance and replacement.
The organisation has also estimated global refining investment to be around $1.3 trillion by 2035.
It added that some investments would be necessary for loading and receiving ports, related storage capacity, and to expand the retail distribution network of refined product. “Combined, midstream investment costs for the period to 2035 are estimated to be close to $1 trillion”.
It stated that OPEC member countries were undertaking around 116 development projects during the five-year period 2012–2016, which corresponds to an estimated investment of about $270 billion, and demonstrates the scale of OPEC’s portfolio of projects.