BP ENERGY OUTLOOK 2016 - 2035
In the base case, world GDP more than doubles, but unprecedented gains in energy efficiency mean that the energy required to fuel the higher level of activity grows by only around a third over the Outlook.
Fossil fuels remain the dominant form of energy powering the global expansion: providing around 60% of the additional energy and accounting for almost 80% of total energy supplies in 2035.
Gas is the fastest growing fossil fuel supported by strong supply growth, particularly of US shale gas and liquefied natural gas (LNG), and by environmental policies.
The oil market gradually rebalances, with the current low level of prices boosting demand and dampening supply.
Oil demand increases by almost 20 Mb/d over the Outlook, with growing use in Asia for both transport and industry. Tight oil continues to grow, although at a gradually moderating pace.
The continuing reform of China's economy causes growth in China's energy demand to slow sharply. This slowing weighs heavily on global coal, which grows at less than a fifth of its rate over the past 20 years.
Renewables grow rapidly, almost quadrupling by 2035 and supplying a third of the growth in power generation.
The rate of growth of carbon emissions more than halves relative to the past 20 years, reflecting gains in energy efficiency and the changing fuel mix. But emissions continue to rise, suggesting the need for further action.
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Instead, with the planned referendum just days away, Russian state oil giant Rosneft announced its latest investment last week, to help Iraqi Kurdistan develop its natural gas industry, for domestic supplies and eventual export.
Iran exported over 5 billion cubic meters (bcm) of natural gas during the first five months of the current Iranian calendar year (March 21-August 22), Dispatching director of National Iranian Gas Company (NIGC) announced.
Gazprom Neft has shipped its second and largest cargo of Iraqi crude to the US since the Badra field, its flagship overseas oil project, came on stream in 2014, the Russian oil company said Tuesday.
Qatargas has agreed to sell 1.5 million tpy of LNG to Turkey’s BOTAŞ Petroleum Pipeline Corporation (BOTAŞ) over a period of three years