Baku, January 26, AZERTAC
Global demand for energy is expected to increase by around 30 percent between 2015 and 2035, driven by increasing prosperity in developing countries, according to BP's latest outlook on Wednesday.
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, BP said.
Oil, gas and coal will account for more than 75 percent of total energy supply in 2035, compared with 86 percent in 2015, the report showed.
“Gas grows more quickly than either oil or coal over the outlook, with demand growing an average 1.6 percent a year,” BP said.
LNG growth, driven by increasing supplies in Australia and the U.S., is expected to lead to a globally integrated gas market anchored by U.S. gas prices, BP added.
Oil demand is forecast to grow at a slower pace of 0.7 percent a year, and slow gradually over the period.
Non-combustible usage will replace transport as the main source of oil demand growth by 2030s.
Renewable energy will remain the fastest-growing energy source, with 7.6 percent per year, quadrupling over the next 20 years, BP said.
The growth is driven by increasing competitiveness of both solar and wind.