Global energy demand is expected to soar 44% over the next two decades with most of the demand coming from developing countries such as China, India, Brazil and Russia. The worldwide economic downturn has hit energy consumption, but an expected recovery next year could respark demand and boost prices. U.S. oil prices are forecast to rise from an average $61 barrel in 2009 to $110 in 2015 and $130 in 2030.
Global oil demand is expected to rise to 107 million barrels per day over the next two decades from nearly 84 million bpd in 2009. Oil will account for 32% of the world’s energy supply by 2030 from about 36% in 2006.
Renewable energy, like wind and solar power, will be the fastest growing energy source, making up 11% of global supplies. Biofuels, including ethanol and biodiesel, are expected to reach 5.9 million bpd by 2030.
Worldwide consumption of electricity by sector
Source: International Energy Agency, Key World Energy Statistics 2010, Page 35
Source: International Energy Agency, Key World Energy Statistics 2010, Page 35
World marketed energy consumption
Outlook to 2030
Worldwide fuel consumption by region Source: International Energy Agency, Key World Energy Statistics 2010, Page 30
Worldwide fuel consumption by sector
Source: International Energy Agency, Key World Energy Statistics 2010, Pages 32, 33 & 34
