During its annual energy outlook, Exxon Mobil Corp. predicted that global energy consumption will soar 60 percent over the next 25 years, which will cause the demand for oil to grow to 334 million barrels a day in 2030, according to The Associated Press.
In addition, Exxon said that oil and gas consumption will grow at an annual rate of 1.4 percent and 1.8 percent, respectively, and that most of the growth will occur in developing countries.
To satisfy the world’s crude oil thirst, Exxon said that it was confident that The Organization of Petroleum Producing Countries (OPEC), which will have a progressively larger share of the world’s oil production as non-OPEC growth flattens out around 2010, will be able to produce more than 47 million barrels a day by 2030 – a 40 percent increase over current levels.
The outlook also reported that North American natural-gas demand will grow 0.5 percent per year to 90 billion cubic feet a day, with domestic production expected to decline by 2030 to slightly above 60 billion cubic feet a day from close to 80 billion cubic feet a day. Liquefied natural-gas imports will account for the difference.
Exxon added that its annual energy outlook numbers are already factoring in technological and efficiency improvements that would expectedly dampen demand.