OPEC: Global energy demand to reach 364.7 million barrels per day in 2040

Mon 24 September 2018 14:12 GMT | 14:12 Local Time

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Out of global energy demand, oil is expected to have one of the largest shares, making up 28 percent by 2040

Total primary energy demand is expected to increase by 91 million barrels oil equivalent per day (mboe/d) and reach 364,7 mboe/d in 2040, according to OPEC's World Oil Outlook for 2018.

The report shows fossil fuels will continue to dominate the energy mix with a 75 percent share by 2040. Out of global energy demand, oil is expected to have one of the largest shares, making up 28 percent by 2040. Natural gas is projected to follow with 25 percent and coal with 22 percent. Total share of renewables will be 19 percent and nuclear will make up 6 percent of global energy demand.

The organization's report asserts that almost 95% of the increase in energy demand is accounted for by developing countries (including China and India), with an average annual growth of 1.9%.

“A modest increase of around 4.5 mboe/d is projected for Eurasia between 2015 and 2040, an average annual growth of 0.7% p.a. The Organization for Economic Cooperation and Development (OECD) is estimated to witness only a small increase of less than 1 mboe/d, which points to stagnating energy demand in this country group as the market increasingly saturates,” the report says.

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