The Organization of the Petroleum Exporting Countries expects world energy demand to climb by 54% over the 2010 to 2035 period

SAN FRANCISCO (MarketWatch)
The Organization of the Petroleum Exporting Countries expects world energy demand to climb by 54% over the 2010 to 2035 period, with oil remaining the energy type with the largest share, the cartel said in its World Oil Outlook report released Thursday
Towards the end of that time period, however, coal's share of energy demand will likely reach similar levels as that of oil, with oil's share of energy demand falling to 27% by 2035 from 35% in 2010, the report said
Over the 2011-2016 period, oil demand from the Organization for Economic Cooperation and Development, a group of industrialized nations, is expected to decline each year, with demand reaching 92.9 million barrels per day by 2016, a downward revision of over 1 million barrels per day compared with the World Oil Outlook report in 2011
"There is growing concern about immediate prospects for economic growth, particularly in the euro zone," according to the report
Forecasts also see oil shale supply rising rapidly, with an estimated 2 million barrels per day emerging by 2020 and 3 million by 2035, the report said
This year, the OPEC Reference Basket price for oil is expected to remain at an average of $100 a barrel over the medium term, before rising with inflation to reach $120 by 2025 and climbing to $155 by 2035