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ExxonMobil sees 25% rise in oil demand

By on December 16, 2013

Global oil demand will increase by 25 per cent by 2040 as new supplies, particularly from North America, meet the needs of a booming and energy-hungry population, United States  supermajor ExxonMobil said in its annual energy forecast.

Energy demands will be about 35 per cent higher in 2040 compared to 2010, but will be tempered by increasing efficiencies in energy use, ExxonMobil said in the outlook released on Thursday. Without gains in energy efficiencies, “demand could have risen by more than 100 per cent”, the company said.

The world’s population will hit nine billion in 2040, up from seven billion today, as the global economy doubles in size, driven by higher living standards in the developing world.

Oil and gas will continue to meet about 60 per cent of the world’s energy needs in 2040, according to ExxonMobil, and liquid fuels will continue to be the “energy of choice” for most types of transportation due to their affordability and utility.

By 2040, about 65 per cent of the world’s recoverable crude and condensate resource will have yet to be produced, www.upstreamonline.com reported.

Over that time, North America will become one of the world’s leading producers of liquids and is projected to grow its output by 40 per cent in the coming decades, as it shifts from a major importer to “a fairly balanced position by 2030”.

US oil production hit a 25-year peak in November at about eight million barrels per day on the back of booming unconventional output, according to the US Energy Information Administration. Production from tight formations, deep-water and oil sands will keep the continent humming through 2040 and beyond, ExxonMobil said.

 

 

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