BP ENERGY OUTLOOK 2018

February 24, 2018

BP Energy Outlook 2018 explores the forces shaping the global energy transition out to 2040 and the key uncertainties surrounding that transition. It shows how rising prosperity drives an increase in global energy demand and how that demand will be met over the coming decades through a diverse range of supplies including oil, gas, coal and renewables
Spencer Dale, group chief economist said:
“We are seeing growing competition between different energy sources, driven by abundant energy supplies, and continued improvements in energy efficiency. As the world learns to do more with less, demand for energy will be met by the most diverse fuels mix we have ever seen.”

Highlights of the Energy Outlook:

• The speed of the energy transition is uncertain 
• Fast growth in developing economies drives up global energy demand.
• The global energy mix is the most diverse the world has ever seen by 2040.
• Renewables are by far the fastest-growing fuel source, providing 14% of primary energy.
• Demand for oil grows over much of Outlook period before plateauing in the later years.
• Natural gas demand grows strongly and overtakes coal as the second largest source of energy.
• Oil and gas together account for over half of the world’s energy
• Carbon emissions continue to rise.

   BP ENERGY OUTLOOK 2018