MOSCOW (Pakistan Point News / Sputnik - 23rd September, 2018) Demand for natural gas, renewables like solar, wind and geothermal energy is projected to show significant growth in the period up to 2040, the OPEC said in the World Oil Outlook 2040.
"The fuel with the largest estimated demand growth is natural gas, increasing by almost 32 mboe/d [million barrels of oil equivalents per day] between 2015 and 2040, an annual average growth rate of 1.7%. 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. [per annum] 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," the report read.
