1/27/2017
BP Energy Outlook 2017
"World GDP will almost double until 2035. This growth will drive an increase in global energy demand, but with the gains in energy efficiency, energy demand will increase by only around 30%. Oil and gas, together with coal, will remain as the dominant sources of energy. Oil demand will slow with technological developments in transport. Gas will grow more quickly than oil and coal. LNG is likely to lead to a globally integrated gas market. Global coal consumption looks set to peak. Renewables will grow four times over the next 20 years"...
BP released the Energy Outlook 2017. BP's Group Chief Executive Bob Dudley started his statement about the 2017 Outlook as in the following; "The global energy landscape is changing. Traditional centres of demand are being overtaken by fastgrowing emerging markets. The energy mix is shifting, driven by technological improvements and environmental concerns. More than ever, our industry needs to adapt to meet those changing energy needs." "Energy demand will increase by only around 30%" It is stated in the Outlook that; world GDP will almost double until 2035 driven by fast-growing emerging economies, as more than 2 billion people will be lifted from low incomes. This rising prosperity will drive an increase in global energy demand, but with the gains in energy efficiency, energy demand will increase by only around 30%. According to the Outlook, oil and gas, together with coal, will remain as the dominant sources of energy. Renewables, with nuclear and hydroelectric power, will provide half of the additional energy required out to 2035. Gas will grow more quickly than oil and coal, led by US shale ga and the rapid expansion of LNG is likely to lead to a globally integrated gas market. Oil demand growth will slow Oil demand will grow throughout the Outlook, but the pace of demand will slow with technological developments in transport as the main source of demand growth. The increasing penetration of electric cars and the broader mobility revolution will Coal consumption looks set to peak It is argued in the Outlook that; global coal consumption looks set to peak, as the continuing reform of China’s economy causes growth in its demand for coal (and energy) to slow sharply, although China remains the largest growth market for energy. Renewables will grow four times over the next 20 years According to the Outlook, renewables are the fastest growing fuel source, quadrupling over the next 20 years, supported by continuing gains in competitiveness. The world economy continues to electrify, with nearly two-thirds of the increase in The three alternative cases are given as a faster mobility revolution; alternative pathways to a lower-carbon energy system; and risksto gas demand.
have an important effect on future oil demand. The abundance of oil resources may prompt low-cost producers to use their
competitive advantage to increase market share.
global energy going into the power sector. In the base case, carbon emissions from energy will grow at less than a third of the rate of the past 20 years, reflecting gains in energy efficiency and the changing fuel mix.
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