Developing nations' energy demand to rise 65% - ExxonMobil Qatar

  • Share via facebook
  • Tweet this
  • Bookmark and Share

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.

Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
Dubai's smart palm tree technology revealed

Dubai's smart palm tree technology revealed

Smart Palms harness the sun's energy to allow people to look...

Decision time looms for Saudi on nuclear power?

Decision time looms for Saudi on nuclear power?

As other countries push ahead with their plans for conventional...

With crude at $50, oil firms fear deeper crisis than in 1980s

With crude at $50, oil firms fear deeper crisis than in 1980s

After slashing spending by $180 billion to deal with one of the...

Most Discussed