Global demand for oil will almost certainly increase as a proportion of the global economy, according to a report published Wednesday by the U.S. Energy Information Administration (EIA).
EIA’s report concluded most future economic growth around the world would disproportionately occur in countries consuming a lot of oil compared to their total economic output. It also concluded that oil will likely remain a major part of the global economy, especially in the developing world.
The report found that demand for oil is even growing in the relatively rich countries, which are members of the Organisation for Economic Co-operation and Development (OECD), as well as the poorer countries in which oil demand is growing much more rapidly.
Source: U.S. Energy Information Administration
EIA’s report emphasizes the general trend of most of the world towards conventional fossil fuels like oil and natural gas, despite efforts by governments worldwide to focus on green energy. Wind and solar will provide a mere 4 percent of all the world’s energy by 2040 while conventional fossil fuels provide 80 percent, according to a report published last month by energy giant ExxonMobil.
The fastest-growing source of energy in 2040 will be from natural gas, which will meet 25 percent of all demand while the largest source of energy in 2040 will be oil, accounting for about 32 percent of total demand. In comparison, green energy from wind, solar and biofuels combined will produce a mere 4 percent of the world’s energy.
These numbers are roughly equal to the current U.S. power system which gets 33 percent of its power from natural gas in 2015, another 33 percent from coal, 20 percent from nuclear, and a mere 5.3 percent from wind and solar combined, according to the EIA.
Solar power provides less than 1 percent of the world’s energy, while wind power provides less than 2.6 percent, according to the International Energy Agency.
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