The Organisation of Petroleum Exporting Countries, OPEC, has said that the global demand for energy will rise by 40 percent or 108.2 million barrel of oil equivalent per day (mboe/d), by 2040.
The organization also predicted that the developing countries will experience the sharpest rise in the demand for energy.
According to its world output report for 2016, OPEC stated: “Developing countries’ energy demand will increase by more than 100 mboe/d from 2014 to 2040 compared to energy demand growth of 3.3 mboe/d in the OECD regions and 4.3 mboe/d in Eurasia.
“By 2040, almost 63 percent of global energy demand will stem from Developing countries, compared to the current share of 51 percent.”
The report also said that oil is expected to remain the fuel with the largest share for most of the forecast period, but it is anticipated that it will be overtaken by gas at some point close to 2040.
According to the report, oil is also estimated to be the second largest contributor to additional energy needs between 2014 and 2040. Although overall, coal consumption is forecast to increase in the long term, its share in the total global energy mix is expected to decline by 4.4 percentage points.