“With an expanding global population and the crucial need to reduce energy poverty, with almost one billion people still without access to electricity and three billion lacking access to clean fuels and efficient technologies for cooking, energy demand is anticipated to increase by around 33% between 2015 and 2040”, said Mohammed Sanusi Barkindo has Secretary-General of OPEC.
Developing countries particularly China and India will contribute to the increase in energy demand with an average annual growth of nearly 2%.
The WOO 2018 has found that India and China will observe 22 mboe/d and 21 mboe/d increase in energy demand between 2015 and 2040, which is more than 50% of the energy demand growth in Developing countries during this period.
The OPEC forecasts that oil will continue largely contributing to the energy mix and being the fuel with the largest share throughout the forecast period with a share of about 28% in 2040, higher than gas and coal. Also, the share of OPEC crude in the global oil supply is presumed to rise from around 34% in 2017 to just 36% in 2040.
According to the WOO 2018, nuclear demand will also grow by 2.1%, with the strong expansion in Developing countries and support from the anticipated return of nuclear energy in Japan.
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