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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REUTERS - India’s oil imports from Iran surged to about 705,000 barrels per day (bpd) in May, their highest level since October 2016, according to data from shipping and industry sources, despite the threats of fresh U.S. sanctions.
REUTERS - Saudi Aramco plans to boost investments in refining and petrochemicals to secure new markets for its crude, and sees growth in chemicals as central to its downstream strategy to lessen the risk of a slowdown in oil demand.
REUTERS - Canada’s oil output is set to rise 33 percent by 2035, driven almost entirely by higher oil sands production, but without new export pipelines Canadian producers will continue to be excluded from emerging markets, an industry group said
REUTERS - EU negotiators agreed on Thursday to increase the share of renewables in the bloc’s energy production to 32 percent by 2030, a higher target than in draft rules but short of the level sought by some governments and the European Parliament.