Exxon Sees Energy Demand Rising 25% by 2040 as Population Grows
- Oil demand will grow 20 percent to 112 million barrels a day
- 10 key nations expected to drive 40 percent of demand increase
The exterior of a building shows a vast amount of of air conditioning units being used by residents in Nanjing, Jiangsu Province, China.
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Energy demand will climb 25 percent worldwide by 2040, an increase equivalent to all the power and fuel consumed currently in the Americas, according to Exxon Mobil Corp.
Crude oil will retain its dominant position among energy sources a quarter century from now as population growth and rising standards of living in much of the world more than offset energy-saving efficiency gains, Exxon said in its annual long-term outlook released on Monday. Demand for natural gas will grow more than any other source and will account for 40 percent of the overall increase, according to the report.