EIA: Global use of liquid fuels to grow by nearly a fifth by 2040
NEW YORK (Reuters) — Global use of petroleum and other liquid fuels will grow by nearly a fifth by 2040, driven by the transportation and industrial sectors, the US government said on Thursday.
Consumption is set to grow from 95 MMbpd in 2015 to 104 MMbpd in 2030 and 113 MMbpd in 2040, according to the US Energy Information Administration's international energy outlook for 2017.
That reference case would mean a 19% increase between 2015 to 2040.
Countries outside of the Organization for Economic Cooperation and Development account for most of the increase, with demand rising by 1.3%/yr, compared with a slight decrease for those in the group.
OPEC countries will maintain or increase their combined market share of crude and lease condensate production, the EIA added.
Meanwhile, renewables will remain the world's fastest-growing energy source, with consumption increasing by an average 2.3%/yr between 2015 and 2040.
However, fossil fuels will remain the dominant energy source, accounting for 77% of energy use in 2040.
Natural gas is the fastest-growing fossil fuel in projections with global consumption forecast to rise 1.4% annually.
Reporting by Catherine Ngai; Editing by Marguerita Choy
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