Caspian Energy Journal Caspian European Club
Wednesday, 26 September 2018 11:00

Gas demand gaining momentum

Gas demand gaining momentum

The fuel with the largest estimated demand growth is natural gas, increasing by almost 32 mboe/d between 2015 and 2040, an annual average growth rate of 1.7%, Caspian Energy News ( reports with reference to World Oil Outlook 2018 by the Organization of the Petroleum Exporting Countries.

Consequently, the share of natural gas in the global energy mix accounts for 25% in 2040, up 3.3 percentage points from 2015. ‘Other renewables’ are projected to have the highest average growth rate of around 7.4% p.a. during the forecast period. Nevertheless, due to the current low base, the increase in absolute terms is estimated at around 19 mboe/d between 2015 and 2040.

Strong demand growth is also expected for nuclear, increasing by around 9 mboe/d, due to strong expansion in Developing countries and supported by the anticipated return of nuclear energy in Japan. The utilization of biomass (including solid biofuels, waste, biogas, liquid biofuels) is projected to increase by 8.5 mboe/d between 2015 and 2040. Coal has the lowest average growth of just 0.2% p.a. Moreover, coal is the only fuel projected to reach a global demand peak during the forecast period, hitting a high of around 82 mboe/d by 2030.

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