LONDON – BP has predicted a global energy demand growth of 37% from 2013 to 2035. The demand will be driven by economic expansion in Asia, particularly China and India, according to BP’s Energy Outlook 2035.
The study 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.
As demand for gas grows, there will be increasing trade across regions and by the early 2020s Asia/Pacific will overtake Europe as the largest net gas importing region. The continuing growth of shale gas will also mean that in the next few years North America will switch from being a net importer to net exporter of gas.