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
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