Thursday 26 January 2017

Global energy demand to increase by around 30% to 2035, driven by increasing prosperity in developing countries, partially offset by rapid gains in energy efficiency

Technological improvements and environmental concerns are changing the mix of primary energy demand but oil and gas, together with coal, remain the main source of energy to 2035

Gas grows faster than either oil or coal; the rapid expansion of LNG is likely to lead to a globally integrated gas market, anchored by US gas prices

Oil demand grows but at a slowing pace; and non-combusted uses replace transport as the main source of demand growth by 2030s

Global coal consumption peaks, while renewables remain by far the fastest-growing energy source, quadrupling over the next 20 years

The power sector accounts for nearly two-thirds of the increase in primary energy

Carbon emissions grow at less than a third of the rate of the past 20 years, reflecting both gains in energy efficiency and the changing fuel mix, but in the base case are still projected to increase, highlighting the need for further action

“The global energy landscape is changing. Traditional centers of demand are being overtaken by fast-growing emerging markets. The energy mix is shifting, driven by technological improvements and environmental concerns. More than ever, our industry needs to adapt to meet those changing energy needs,” said Bob Dudley, BP group chief executive.

According to the 2017 edition of the BP Energy Outlook, published today, global demand for energy is expected to increase by around 30% between 2015 and 2035, an average growth of 1.3% per year. However, this growth in energy demand is significantly lower than the 3.4% per year rise expected in global GDP, reflecting improved energy efficiency driven by technology improvements and environmental concerns.

The Outlook looks at long-term energy trends and develops projections for world energy markets over the next two decades. The 2017 edition was launched today in London by Spencer Dale, BP’s group chief economist, and Bob Dudley, group chief executive.

More - http://www.bp.com/en/global/corporate/press/press-...