aku, Azerbaijan, Feb. 11
By Aygun Badalova - Trend:
Global liquids demand (oil, biofuels, and other liquids) will increase by around 20 million barrels per day to 112 million barrels per day by 2035, according to the forecasts, published in BP Energy Outlook.
All of this increased demand comes from emerging economies, with China and India accounting for over half of the increase. In contrast, oil consumption in OECD (Organisation for Economic Co-operation and Development) will decline by 5 million barrels per dat, BP said.
BP expects the demand for natural gas to grow by 1.8 percent per annual, making it the fastest growing fossil fuel. BP expects oil to grow steadily - by 0.9 percent per annual during the forecasted period.
Global liquids supply will expand by by nearly 19 million barrels per day by 2035, led by growth in non-OPEC supply, according to BP's forecasts.
Non-OPEC supply is forecasted to grow by 11 million barrels. All of the net increase in non-OPEC supply is expected to come from US shale, Brazilian deepwater and Canadian oil sands.
China's demand for energy is expected to grow by less than two percent per annual over the projected period, far slower than eight percent per annual seen since 2000.
"Part of this reduction is driven by slower economic growth: annual GDP growth is projected to average close to 5 percent over 2014-35, around half the average pace of growth since 2000," BP said.