Middle class growth, economic expansion and population growth will contribute to a 35% increase in global energy demand between 2010 and 2040, according to ExxonMobil’s annual Outlook for Energy. Carbon-based fuels will continue to meet about 75% of the world’s energy needs through 2040, though wind, solar and biofuels are expected to be the fastest-growing energy sources. ExxonMobil said renewables would account for about 15% of energy demand in 2040. Nuclear energy use is expected to double between 2010 and 2040.
ExxonMobil said North American would likely become a net exporter of liquids by 2020 — a reversal driven by the shale boom and increased oil sands production in Canada. Conversely, the Asia Pacific region’s net imports are projected to rise by nearly 80% by 2040.
North American unconventional gas production will nearly triple by 2040. Asia Pacific will overtake Europe as the world’s largest gas importer during that period despite doubling its gas production with unconventional technology. ExxonMobil expects global LNG trade to triple by 2040.
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