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BP says oil to be the slowest-growing fuel over next 20 years

Oil&Gas Materials 18 January 2012 17:44 (UTC +04:00)

Azerbaijan, Baku, Jan. 18 /Trend A.Badalova/

Global liquids demand will rise by 16.5 million barrels per day (bpd) to more than 102mln bpd by 2030, BP Energy Outlook 2030, published on Wednesday, says.

BP expects oil to be the slowest-growing fuel over the next 20 years.

According to BP expectations, growth in global liquids demand will come exclusively from rapidly-growing non-OECD economies.

Non-OECD Asia's demand will rise by nearly 13 mln bpd, meanwhile OECD demand will decline by just over 4 mln bpd to 41.5 mln bpd by 2030, BP predicts.

BP expects China to be the largest source of oil consumption growth in long-term perspective. Oil consumption in the country will grow by 8 mln bpd to 17.5 mln bpd by 2030.

BP forecasts OPEC production to rise by 13 mln bpd. "The largest increments of new OPEC supply will come from NGLs, as well as conventional crude in Iraq and Saudi Arabia," BP said.

On BP projections, OPEC's share of global production will increase from 40 percent in 2010 to 46 percent in 2030.

Non-OPEC output will rise by nearly 4 mln bpd by 2030, BP expects.

According to BP's forecasts, world primary energy consumption grew by 45 percent over the past 20 years, and is likely to grow by 39 percent over the next 20 years.

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