ExxonMobil predicts global energy demand to rise 35%

Global energy demand is set to increase about 35% in 2040, compared to demand in 2010, according to ExxonMobil’s annual long-term energy forecast.

The report reveals that big consumer will be China and India, which together will account for half of the projected growth in global energy demand, United Press International .

Natural gas is expected to become the world’s second most-used fuel on an energy-equivalent basis after oil around 2025, ExxonMobil said in its report released December 13.

Additionally, natural gas consumption is expected to rise 65% by 2040.

“Understanding global energy trends is absolutely critical for effective energy policy,” ExxonMobil chairman Rex W. Tillerson said in a statement. “The world depends on safe, reliable and affordable energy development to support economic growth and our modern way of life.”

ExxonMobil said about 65 percent of the world’s recoverable crude and condensate resource will have yet to be produced by 2040.

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