Oil Demand, Prices to Rise: OPEC

24/7 Wall St.

In its latest World Oil Outlook released today, the Organization of Petroleum Exporting Countries (OPEC) is forecasting that demand for energy will rise 54% by 2035. Fossil fuels, including oil, natural gas and coal, which now account for 87% of demand, will continue to supply 82% of the world’s energy in 2035.

The cartel does see, however, a shift within fossil fuels:

For most of the projection period, oil will remain the energy type with the largest share. However, towards the end of the projection period, coal use in the Reference Case reaches similar levels as that of oil, with oil’s share having fallen from 35% in 2010 to 27% by 2035. Natural gas use will rise at faster rates than either coal or oil, both in percentage terms and quantities, with its share rising from 23% to 26%.

In other words, demand for fossil fuels will be split almost evenly among…

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Foundation Engineers. Foundation & Piling Equipment & Tools. Utility.
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