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2017-09-15 08:55:00

WORLD ENERGY CONSUMPTION UP TO 28%

WORLD ENERGY CONSUMPTION UP TO 28%

EIAThe U.S. Energy Information Administration projects that world energy consumption will grow by 28% between 2015 and 2040. Most of this growth is expected to come from countries that are not in the Organization for Economic Cooperation and Development (OECD), and especially in countries where demand is driven by strong economic growth, particularly in Asia. Non-OECD Asia (which includes China and India) accounts for more than 60% of the world's total increase in energy consumption from 2015 through 2040.

Through 2040, EIA projects increased world consumption of marketed energy from all fuel sources, except for coal demand, which is projected to remain essentially flat. Renewables are expected to be the fastest-growing energy source, with consumption increasing by an average 2.3% per year between 2015 and 2040. The world's second fastest-growing source of energy is projected to be nuclear power, with consumption increasing by 1.5% per year over that period.

WORLD ENERGY CONSUMPTION 1990 - 2040

Even though EIA expects the nonfossil fuels (renewables and nuclear) to grow faster than fossil fuels, fossil fuels still account for more than three-quarters of world energy consumption through 2040. Natural gas, which has a lower carbon intensity than coal and petroleum, is the fastest-growing fossil fuel in the outlook, with global natural gas consumption increasing by 1.4% per year. The relatively high rate of natural gas consumption growth is attributed to abundant natural gas resources and rising production—including supplies of tight gas, shale gas, and coalbed methane.

WORLD NATURAL GAS CONSUMPTION 1990 - 2040

Although liquid fuels—mostly petroleum-based—remain the largest energy source, the liquids share of world marketed energy consumption is projected to fall slightly, from 33% in 2015 to 31% in 2040. As oil prices rise, energy consumers are expected to turn to more energy-efficient technologies and switch away from liquid fuels where possible.

Compared with the strong growth in coal use in the 2000s, global coal use remains flat in EIA’s international projection. Coal is increasingly replaced by natural gas, renewables, and—in China and a few other countries—nuclear power for electricity generation. Demand for coal in industrial processes is also expected to slow.

China is the world's largest consumer of coal, but coal use is projected to decline in China by 0.6% per year from 2015 to 2040. In OECD countries, coal's expected decline is similar, falling by 0.6% per year. The coal share of total world energy consumption declines significantly over the projection period, from 27% in 2015 to 22% in 2040. World coal consumption would be even lower in 2040 were it not for the projected increases in its use by non-OECD Asian nations outside of China.

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Tags: ENERGY, OIL, GAS

Chronicle:

WORLD ENERGY CONSUMPTION UP TO 28%
2017, December, 15, 12:50:00

LUKOIL'S PLAN: $50

LUKOIL - The plan is based on the conservative $50 per barrel oil price scenario. Sustainable hydrocarbon production growth is planned in the Upstream business segment along with the growth in the share of high-margin projects in the overall production. In the Downstream business segment, the focus is on the improvement of operating efficiency and selective investment projects targeted at the enhancement of product slate.

WORLD ENERGY CONSUMPTION UP TO 28%
2017, December, 15, 12:45:00

BP INVESTS TO SOLAR

BP - BP will acquire on completion a 43% equity share in Lightsource for a total consideration of $200 million, paid over three years. The great majority of this investment will fund Lightsource’s worldwide growth pipeline. The company will be renamed Lightsource BP and BP will have two seats on the board of directors.

WORLD ENERGY CONSUMPTION UP TO 28%
2017, December, 13, 12:40:00

OIL PRICE: ABOVE $64 YET

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WORLD ENERGY CONSUMPTION UP TO 28%
2017, December, 13, 12:35:00

RUSSIAN-TURKISH NUCLEAR

ROSATOM - On December 10, 2017, the construction start ceremony took place at the Akkuyu NPP site under a limited construction licence issued by the Turkish Atomic Energy Agency (TAEK). Director General of the ROSATOM Alexey Likhachev, and First Deputy Minister of Energy and Mineral Resources of the Turkish Republic, Fatih Donmez, took part in the ceremony.

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