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Ranking of fuel types by demand growth

Oil&Gas Materials 29 September 2021 10:32 (UTC +04:00)

BAKU, Azerbaijan, Sept.29

By Leman Zeynalova – Trend:

Oil is expected to retain the highest share in the global energy mix during the entire period until 2045, Trend reports with reference to OPEC’s World Oil Outlook.

Alongside post-pandemic oil demand recovery, the share of oil is anticipated to gradually increase to a level of more than 31 percent by 2025, before it begins a decline and reach 28 percent by 2045, says the cartel.

OPEC notes that demand for other renewables is projected to expand from 6.8 mboe/d in 2020 to 36.6 mboe/d in 2045, representing the single-largest incremental contribution to the future energy mix.

“Gas demand is expected to increase by 21.6 mboe/d between 2020 and 2045. This brings total gas demand to 85.7 mboe/d in 2045, thus becoming the second-largest fuel in the energy mix,” the cartel says.

The table below shows the ranking of fuel types by demand growth:

Fuel type

2020 (mboe/d)

2045 (mboe/d)

Growth in mboe/d (2020-2045)

Other renewables

6.8

36.6

29.8

Gas

64.2

85.7

21.6

Oil

82.5

99.0

16.5

Biomass

27.2

37.0

9.7

Nuclear

14.3

22.0

7.6

Hydro

7.5

10.5

3.0

Coal

72.9

61.3

–11.7

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Follow the author on Twitter: @Lyaman_Zeyn

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