The BP Energy Outlook evaluates different aspects of the energy transition and highlights key issues and uncertainties of the transition. In all the scenarios considered, world GDP more than doubles by 2040, driven by increasing prosperity in fast-growing developing economies. In the business-as-usual scenario, this improvement in living standards causes energy demand to increase by around a third over the outlook period, driven by India, China, and 'Other Asia,' which together account for two-thirds of the increase. Despite this increase in energy demand, around two-thirds of the world’s population in 2050 still live in countries where average energy consumption per head is relatively low, highlighting the need for more energy. The world continues to electrify, with around three-quarters of the increase in primary energy absorbed by the power sector. Other projections covered by the Energy Outlook to 2050:Renewable energy is the fastest-growing source of energy, contributing half of the growth in global energy supplies and becoming the largest source of power by 2050.Demand for oil and other liquid fuels grows for the first part of the outlook period before gradually plateauing. The increase in liquids production is initially dominated by US tight oil, but OPEC production subsequently increases as US tight oil production declines.Natural gas grows robustly, supported by broad-based demand and the increasing availability of gas, aided by the continuing expansion of liquefied natural gas (LNG).Global coal consumption peaked in 2018 and continues to decrease in the following decades, with the most decline in Asian and North America's countries. Source: BP Energy Outlook 2050, September 2020
Since the 1950s, the BP Statistical Review of World Energy has delivered objective and globally consistent data on world energy markets. The publication has become a widely respected and authoritative publication in the field of energy economics, relied on by media outlets, academia, world governments, and energy companies alike. BP publishes a new edition each June and typically conducts a road show to launch the report in the months preceding the official release. The 2018 edition highlights significant changes in global energy production and consumption that have had profound implications for global market prices, fuel mix, and carbon dioxide emissions.
The global energy system is facing a dual challenge: to provide significantly more energy while at the same time reducing emissions. The 2019 BP Energy Outlook will consider the future of global energy demand by exploring the forces shaping the energy transition out to 2040. The Energy Outlook explores the forces shaping the global energy transition out to 2040 and the key uncertainties surrounding that transition. It shows how rising prosperity drives an increase in global energy demand and how that demand will be met over the coming decades through a diverse range of supplies including oil, gas, coal, and renewables. Date: February 14, 2019
BP | ExxonMobil | Total | Royal Dutch / Shell | Chevron Source: OPEC Annual Statistical Bulletin, 2014
BP | ExxonMobil | Total | Royal Dutch / Shell | Chevron Source: OPEC Annual Statistical Bulletin, 2014