Global demand for liquid-fuel, such as oil, condensates, and natural gas liquids, has been forecast to grow 0.9 per cent between 2010 and 2035, to 109.5 million barrels a day, the US Energy Information Administration said Monday in a published report titled 'Annual Energy Outlook (AEO) for 2012.'
Oil prices fall on expectations that latest weekly EIA data will show higher inventories, but concerns over Europe is keeping the price from further slides.
The same AEO revealed China's demand for liquid fuels will outrank the US demand, growing by 2.8 per cent per annum and hitting 18.5 million barrels per day in 2035, compared with the US's 0.2 per cent per annum to a total of 20 million barrels per day.
The share of liquids production from the Organisation of Petroleum Exporting Countries (OPEC) will jump from 39.7 per cent in 2010 to 41.9 per cent in 2035, largely because the world gets more heavily dependent on the body's oil production. Output will soar by 10 million barrels per day, to 44.2 million barrels per day.
This as the Middle East members of OPEC, to offset declines in North and South America, will work to improve production by 1.5 per cent.
Meanwhile, domestic crude production by the US is forecast to grow by more than 1 million barrels per day above 2010 levels by 2020. Crude oil equivalent production, on the hand, will likewise jump by 1.2 million barrels per day by 2035, primarily because of the use of biofuels.
Natural gas-fired electricity generation, according to the AEO report, will jump to 28 per cent in 2035 from 24 per cent in 2010, and the renewables share, to 15 per cent from 10 per cent.
Coal-fired generation, however, will drop to 38 per cent in 2035, down from 48 per cent in 2008.
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