In its Energy Outlook 2035 report, BP forecasted a future of slowing demand growth and abundant supply for oil. Growing population and increase in income will foster energy demand growth. Fossil fuels should continue to dominate the energy mix, but a shift towards lower-carbon fuels is set to occur. Oil and coal shares are set for a decline, while renewable energy and gas are predicted to record notable growth. BP sees gas as destined to overtake coal to become the second largest energy source. RES growth will also be supported by significant cost reductions. Global energy mix will face significant changes, while energy efficiency is to play a key role in the energy sector. LNG supply is poised for a growth spurt, mostly due to increased Asian imports - LNG is to become the dominant form of traded gas leading to higher diversification of gas supplies for Europe and China.
Source: British Petroleum