Commentary & Analysis
April 10, 2017 | Global energy demand is projected to grow, according to the latest BP Energy Outlook. While oil demand is slowing down, natural gas was singled out as the fastest growing fossil fuel and will become the second-largest global fuel source by 2035. More generally, the energy sector will be characterised by increasing innovation, a revolution in the transport and possibly the heating sector as well as continued integration worldwide. Any attempts to decrease carbon emissions largely depend on the success of these revolutions, the study finds.
The outlook for the EU in particular mirrors these trends. In contrast to oil and coal, natural gas is the only fossil fuel expected to grow and will reach a share of 28% in energy consumption by 2035. Due to rapidly declining domestic production, BP estimates a growing European dependence on natural gas imports, which will be sourced from Russia as well as increasingly important LNG deliveries.
Find the link to the outlook here.