According to a report from Opec world oil production will soar to new records over the next five years, as a dramatic expansion in demand from airlines offsets the arrival of electric cars.
Opec’s annual report significantly revised production estimates upwards. Opec expects global oil demand to reach nearly 112m barrels per day by 2040, driven by transportation and petrochemicals. That is up from almost 100m today and higher than last year’s projection.
Coal will continue to be burned in record amounts. Opec estimates that coal usage in the OECD countries will plummet by a third by 2040, but it will increase by 20% in developing countries to reach five times the volumes burned in the west.
Renewable energy production will rise rapidly but even by 2040 will meet only around 20% of global energy demand by 2040, according to projections in the report.