According to the new BP Energy Outlook report, despite the dramatic recent weakening in global energy markets, ongoing economic expansion in Asia – particularly in China and India – will drive continued growth in the world’s demand for energy over the next 20 years. Global demand for energy is expected to rise by 32% from 2015 to 2035, or by an average of 1.2% a year. The renewables and biofuels will be the fastest growing energy sectors next 20 years in relative terms. As expected by BP, the overall growth of the demand for renewables from 2015 to 2035 will be about 240% and 93% for biofuels.
By 2020, the United States will become net energy donor and by 2030 the overall energy production in the US will exceed its consumption by more than 200 mln tonnes of oil equivalent per year. On the contrary, largest Asian economies will increase their energy deficit and energy imports significantly, becoming the world largest net energy importers by 2035.
The Energy Outlook 2035 projects that demand for oil will increase by around 0.8% each year to 2035. The rising demand comes entirely from the non-OECD countries; oil consumption within the OECD peaked in 2005 and by 2035 is expected to have fallen to levels not seen since 1986. By 2035 China is likely to have overtaken the US as the largest single consumer of oil globally.