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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U.S. EIA - Energy companies’ free cash flow—the difference between cash from operations and capital expenditure—was $119 billion for the four quarters ending June 30, 2018, the largest four-quarter sum during 2013–18 Companies reduced debt for seven consecutive quarters, contributing to the lowest long-term debt-to-equity ratio since third-quarter 2014
OPEC - Total oil demand for 2018 is now estimated at 98.82 mb/d. In 2019, world oil demand growth is forecast to rise by 1.41 mb/d. Total world oil demand in 2019 is now projected to surpass 100 mb/d for the first time and reach 100.23 mb/d.
ARAB NEWS - Oil exports from southern Iraq are heading for a record high this month, two industry sources said, adding to signs that OPEC’s second-largest producer is following through on a deal to raise supply and local unrest is not affecting shipments.
PLATTS - The International Energy Agency expects the US to account for 75% of the global growth in natural gas exports over the next five years, a bullish outlook for LNG developers facing challenges at home getting projects off the ground and abroad with tariffs affecting trade flows.