Energy Markets: Developing countries to drive future global energy demand

 Source: U.S. Energy Information Administration, International Energy Outlook 2013

The Energy Information Administration (EIA) expects energy use from countries outside of the Organization for Economic Cooperation and Development (OECD) to surpass OECD countries' energy use due to the faster population growth.

Energy use is projected to grow at a stable rate 0.5 percent per year between 2010 and 2040 for the OECD, which accounts for over 30 member countries, including the U.S., France and Germany. This annual growth rate is on par with the population growth for the OECD. However, non-OECD countries will have an energy usage rate growth of 2.2 percent each year to eventually comprise 65 percent of total global energy use by 2040, according to the EIA.

The EIA said total gross domestic product relative to population is higher in OECD countries but future economic growth in non-OECD countries will allow these nations to purchase more energy services, including energy technology.

"This higher GDP-to-population ratio allows citizens in OECD countries to spend more resources on energy-consuming services that provide productivity, leisure, and comfort, and keeps energy consumption on a per capita basis much higher in the OECD," the EIA report said.

 Source: U.S. Energy Information Administration, International Energy Outlook 2013

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