BP: Global Energy Demand to Grow by a Third
25th January 2017
Global energy demand will grow by around a third, driven by a burgeoning Asian middle-class, according to BP’s latest energy outlook.
“Global demand grows by around a third in the base case, with virtually all of this increase consumed by fast growing emerging economies,” Spencer Dale, BP’s group chief economist, said.
In terms of the fuels meeting this increased demand, BP’s outlook points to a continuing shift in the fuel mix, with non-fossil fuels providing half of the increase in primary energy, Dale said.
“Even so, oil and gas, together with coal, continue to meet the majority of the world’s energy needs, accounting for more than three quarters of total energy supply in 2035,” he added.
Natural gas is also expected to grow more quickly than either oil or coal, overtaking coal to be the second largest fuel source by 2035.
BP’s Energy Outlook sets out a base case which outlines the 'most likely' path for global energy markets until 2035, based on assumptions and judgments about future changes in policy, technology and the economy.