Oil will remain the number one global fuel, with natural gas overtaking coal
Energy demand in developing nations will rise by 65 percent by 2040, according to ExxonMobil Qatar's president
Oil will remain the number one global fuel, while natural gas will overtake coal for the number two position, Bart Cahir said.
Global energy demand will grow 35 percent as the world population expands from 7bn people today to nearly 9bn people by 2040, he added.
In his speech at the Offshore Middle East Conference and Exhibition held at the Qatar National Convention Centre, Cahir said that efficiency will continue to play a key role in solving the world’s energy challenges. According to ExxonMobile’s 2013 Energy Outlook, energy-saving practices and technologies will help OECD countries to keep energy use essentially flat, even if their economic output grows by 80 percent.
The global oil market tightened in December 2012 as Chinese demand increased and Saudi output declined from 30-year highs, according to the International Energy Agency’s Oil Market Report for January, released last week. The report warned against premature interpretations of shifts in Saudi production and Chinese demand, saying they are “nothing for the global markets to worry about”.
Saudi's reduced output was explained by a dip in domestic air conditioning demand and weaker consumption from refineries undergoing seasonal maintenance.