Natural gas, renewables expected to grow significantly
The EIA released this year’s International Energy Outlook today, outlining expected trends in energy through 2040.
The International Energy Outlook predicts that total world energy consumption will grow by 28 percent between 2015 and 2040, primarily driven by non-OECD countries. Non-OECD Asia will account for 60 percent of all energy consumption growth in the period. Significant growth is expected in natural gas and renewables consumption, with increases also seen in oil and nuclear power.
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Source: EIA
OPEC will continue to fuel most demand growth
The IEO projects that oil and other liquids will remain the primary world energy source, with consumption growing by 18 percent in upcoming years. Like most other sectors, the growth in oil consumption will be driven by non-OECD countries, as OECD demand is projected to be roughly constant in upcoming years. The EIA expects OPEC to provide most of the increase in oil supply, with only small increases coming from non-OPEC nations.
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Source: EIA
(Click to enlarge)
Source: EIA
Natural gas consumption will increase 43 percent thanks to China
Natural gas consumption is expected to increase by 43 percent through 2040, driven by increases in China. Increasing demand for low carbon intensity, reliable power will drive significant expansion natural gas in electricity generation.
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Source: EIA
Near the end of the projection, natural gas is also expected to see significant growth as a transportation fuel. According to the EIA, new rules on marine fuels and the growing spread between oil and natural gas prices are projected to lead to a greater use of LNG as a maritime fuel towards the end of the projection.
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