Thursday , October 21 2021

Global energy demand will increase by over 25% by 2040, according to research – Economy


On Monday, the International Energy Agency (IEA) presented an annual report in London, which indicated that the increase in demand will come from the developing Asian economies, especially India, which are likely to cross the United States and the European Union (EU) in 2025. As main consumers .

Oil consumption will increase due to transport, especially aircraft, trucks and cargo ships, while in the case of cars, there will be a decrease after 2025. According to the document "Perspectives on global energy 2018".

Despite the development of renewable sources, the world is far from achieving climate change goals, the IEA said.

In the coming years, the demand for fossil fuels will continue to grow on a global scale, which will be partially covered by US oil, which will become "the world's largest producer" by the middle of the next decade, the agency said.

The IEA also noted that the US leadership in oil and gas production will "put pressure" on conventional oil producing countries, many of whom are members of the Organization of Oil Exporting Countries (OPEC), which "depend on export revenues to support national development" .

The agency warned that these producing countries should almost double their investment in short-term oil production to avoid "shortages in supply and price escalation" by the middle of the next decade, because US oil will be insufficient to supply demand.

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