Baku, Azerbaijan, Nov. 6
By Aygun Badalova - Trend:
Energy demand over the period 2010-2040 will increase by 60 percent, from to 256 million barrels of oil equivalent per day (mboe/d) to 410 mboe/d, according to OPEC's World Oil Outlook 2014.
Throughout the initial part of the projection period, oil will remain the fuel with the largest share. However, after the 2030s, the share of the three fossil fuels converges towards similar levels, at around 25-27 percent. Although coal eventually becomes the fuel with the greatest share, gas is likely to overtake it post-2040, OPEC's report said.
OPEC said in absolute terms, natural gas use rises faster than any other form of energy supply; in percentage terms (2.4), it also grows more rapidly than any fuel except non-hydro renewables.
From 2008-2013, global gas demand grew at an average of above 2 percent per annum, which is the fastest rate among fossil fuels, the report indicates.
OPEC predicts world gas supply at the level 69.4 mboe/d in 2020, at 87.6 mboe/d in 2035 and 110.9 mboe/d in 2040.