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According to BP Energy Outlook 2018, the Middle East will remain a large net energy exporter and the world's largest oil exporter through 2040, but it will lose its share
as an exporter of liquefied natural gas.
"By 2040, the Middle East remains the largest oil producer and the second largest natural gas producer, accounting for more than 34% of global production and 20%
of natural gas production in 2040," the Emirates News Agency reported.
”
Non-fossil fuels will account for 8% of energy consumption in the Middle East in 2040, up from just 1% today, and natural gas will account for almost 60% of the increase in energy demand, but will account for 52% of energy consumption in the Middle East and 54%
currently, according to the report.
”
"This rising boom has driven growth in global energy demand, although this increase has been offset by improvements in energy efficiency, which will increase by only about one-third
over the next 25 years," the report states.
”
By 2040, energy consumption in the Middle East will grow by 54%, with natural gas accounting for nearly 60% of this increase; Both the share of oil and coal will fall.
With strong growth in solar, wind (more than 20% annually) and nuclear (15% annually), the contribution of non-fossil fuels will increase from 1% today to 8%
in 2040.
Still, solar energy will account for only 4%
of total energy demand by 2040.
In addition, natural gas consumption is expected to grow by 2% by 2040 and oil consumption by 1.
1%, slightly faster than the global average of 1.
6%.
By 2040, oil's share of the energy mix is expected to decline from 47% to 37%.
Non-combustible energy demand will be the fastest growing sector at an annual growth rate of 3.
1%, while industry will remain the largest consumer sector, accounting for 37%
of primary energy demand through 2040.
Over the same period, energy consumption in power generation is expected to grow by 1.
7%, although the share of oil in electricity generation will decline from 30% to 12%, and the share of non-fossil fuels will rise from 2% to 24%.
According to BP Energy Outlook 2018, the Middle East will remain a large net energy exporter and the world's largest oil exporter through 2040, but it will lose its share
as an exporter of liquefied natural gas.
"By 2040, the Middle East remains the largest oil producer and the second largest natural gas producer, accounting for more than 34% of global production and 20%
of natural gas production in 2040," the Emirates News Agency reported.
”
Non-fossil fuels will account for 8% of energy consumption in the Middle East in 2040, up from just 1% today, and natural gas will account for almost 60% of the increase in energy demand, but will account for 52% of energy consumption in the Middle East and 54%
currently, according to the report.
”
"This rising boom has driven growth in global energy demand, although this increase has been offset by improvements in energy efficiency, which will increase by only about one-third
over the next 25 years," the report states.
”
By 2040, energy consumption in the Middle East will grow by 54%, with natural gas accounting for nearly 60% of this increase; Both the share of oil and coal will fall.
With strong growth in solar, wind (more than 20% annually) and nuclear (15% annually), the contribution of non-fossil fuels will increase from 1% today to 8%
in 2040.
Still, solar energy will account for only 4%
of total energy demand by 2040.
In addition, natural gas consumption is expected to grow by 2% by 2040 and oil consumption by 1.
1%, slightly faster than the global average of 1.
6%.
By 2040, oil's share of the energy mix is expected to decline from 47% to 37%.
Non-combustible energy demand will be the fastest growing sector at an annual growth rate of 3.
1%, while industry will remain the largest consumer sector, accounting for 37%
of primary energy demand through 2040.
Over the same period, energy consumption in power generation is expected to grow by 1.
7%, although the share of oil in electricity generation will decline from 30% to 12%, and the share of non-fossil fuels will rise from 2% to 24%.
