The global demand for energy is expected to increase dramatically in the next 26 years, according to the Organisation of Petroleum Exporting Countries (OPEC).
The global energy demand will rise by 60 per cent by 2040 in comparison with its level in 2010, states the OPEC’s annual report, Press TV reported.
According to the report, fossil fuels will still remain the earth’s major source of power despite their emission of greenhouse gases and their consequent detrimental impact on the environment.
“It is fossil fuels that will continue to play the leading role in satisfying world energy needs in the future,” reads the OPEC report.
This is while such renewable energy sources as solar and wind “will continue to grow at a fast pace, partly as a result of government support. However, given their low initial base, their share of the global energy mix is expected to remain modest by 2040,” OPEC adds.
Although the global oil production is expected to grow from 81.8 million barrels per day (mbpd) to 99.6 mbpd by 2040, share of crude oil in the world’s energy use will shrink from 31.9 per cent to 24.3 per cent, the report adds.
Despite the dramatic oil price fall in the last five months to around USD 80 per barrel, the OPEC has predicted that the oil price will be on average around USD 110 per barrel for the remaining part of this decade. The OPEC has also expressed optimism about the future of the world economy.
“Under all scenarios, the health of the global economy remains central,” reads OPEC’s annual report, adding, “Although there have been both ups and downs this year, the global economy is generally seen continuing its gradual recovery.”
