Global demand for energy is expected to rise 37 per cent from 2013 to 2035 or by an average of 1.4 per cent per year, according to the BP Energy Outlook 2035.

“After three years of high and deceptively steady oil prices, the fall of recent months is a stark reminder that the norm in energy markets is one of continuous change,” said Spencer Dale, BP’s Group Chief Economist.

“It is important that we look through short term volatility to identify those longer term trends in supply and demand that are likely to shape the energy sector over the next 20 years and so help inform the strategic choices facing the industry and policy makers alike,” he added.

BP’s outlook also project that demand for oil will only increase by 0.8 per cent each year till 2035 with the growth being driven by non-OECD countries. “By 2035, oil consumptions is expected to have fallen to levels not seen since 1986,” the firm’s outlook stated.

Amongst fossil fuels, the company predicts natural gas to be the fastest growing with an average increase of 1.9 per cent per year led by demand from Asia.

Commenting on the outlook, Bob Dudley, Group Chief Executive, BP said, “The energy industry works on strategies and investments with lifespans often measured in decades. This is why an authoritative view of the key trends and movements that will shape our markets over this long term is essential.”

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