BP: Oil to dominate world energy balance
Baku, Azerbaijan, May 12
By Vagif Sharifov - Trend:
Oil will dominate the world energy balance until 2035 and will account for up to 29 percent of it, says Spencer Dale, group chief economist at BP.
BP expects the oil demand to rise by 20 million barrels per day throughout 20 years and reach 110 million barrels per day, said Dale during the presentation of the BP Energy Outlook 2035, in Baku May 12.
During that period, gas and coal will account for 26 percent and 25 percent of the world energy balance, he added.
Dale also noted that additional 20 million barrels of oil per day can be delivered to the market thanks to the OPEC countries, which may increase the supplies by additional seven to eight million barrels per day throughout 20 years.
He added that the US, Canada and Brazil are among the non-OPEC countries that can contribute to the global oil supply growth.
Russia will produce on average 11 million barrels of oil per day, believes Dale.
The US Energy Information Administration (EIA) forecasts that the consumption of oil and other liquid hydrocarbons in the world will increase to 95.24 million barrels per day in 2016 and will reach 96.78 million barrels per day in 2017.
The world oil supplies are expected to reach 96.23 million barrels per day in 2016 and stand at 96.99 million barrels per day in 2017, according to the EIA.
Moreover, the EIA forecasts that the OPEC oil output will reach 32.43 million barrels per day in 2016 and stand at 33.09 million barrels per day in 2017.