Asia taking on more of world's oil, OPEC says

VIENNA, Nov. 8 (UPI) -- Asian economies are expected to account for a significant portion of the global demand for oil, the Organization of Petroleum Exporting Countries said.

OPEC published its 283-page World Oil Outlook Thuesday. It said oil demand from India is expected to more than double from its 2012 level to 9.3 million barrels per day by 2035. Chinese oil demand follows a similar trend, with an 80 percent increase from 2012 levels to 17.5 million barrels per day in 2035.

"This will result in a significant change in future oil movements, which is projected to flow increasingly eastward, attracted by demand increases in Asia," the report said.

The cartel said it expected oil demand to increase from the global level of 107.3 million bpd in 2012 to 108.5 million bpd by 2035.

"Of this increase, developing Asia accounts for 88 percent, while demand in China, India and other developing Asia reaches 94 percent of that of the Organization for Economic Cooperation and Development by 2035," it said.

New drilling technologies used to extract oil and natural gas from shale formations in North America means their economies are relying less on OPEC to meet their energy demands.

OPEC said the demand trends means "it is clear" that oil remains a key source of energy.