Global liquid fuels use rise nearly 20 per cent by 2040

liquid fuels
The US Energy Information Administration forecasts global use of liquid fuels to continue to rise.

Liquid fuels growth driven by transportation, industrial sectors

The United States Energy Information Administration forecasts global use of petroleum and other liquid fuels to jump by nearly 20 per cent by 2040.

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Growth in the transportation and industrial sectors are the biggest factors in the expected increase.

According to the EIA, consumption of liquid fuels will grow from 95 million barrels per day (b/d) in 2015 to 104 million b/d by 2030 and to 113 million b/d in 2040.

The EIA says at an growth of use expected to be 1.3 per cent per year, most of the increase in consumption will be seen in countries outside the Organization for Economic Cooperation and Development. There is expected to be a slight decrease for OECD nations.

Also, the EIA report says OPEC countries will maintain or increase their combined market share of crude and lease condensate production.

Renewables will be the world’s fastest-growing energy source. ┬áConsumption of renewables is expected to increase by an average of 2.3 per cent every year between 2015 and 2040.

Despite rapid growth in renewables, fossil fuels will continue to be the dominant source of energy, accounting for 77 per cent of energy use in 2040.

The EIA reports that natural gas is the fastest-growing fossil fuel in projections and expects global consumption to increase by 1.4 per cent annually.