ME to be largest consumer, producer in 2035

Middle East is poised to become the largest consumer of oil and will also retain the title of being the largest producer, according to the recently released BP Energy Outlook.

Middle East energy consumption is expected to jump by 60 pc in the next 15 years and the jump in oil consumption alone is believed to increase by 42 pc in the period, the report predicts.  The Middle East will become the largest consumer of oil per capita, surpassing North America. Oil consumption per capita will be over three times the global average by 2035.

The Middle East will remain the world’s largest oil producing region; its share of global supply rising from 32 pc to 33 pc by 2035.

Gas consumption and production are expected to increase faster than oil. Gas consumption will go up by 67 pc and production by 49 pc.

Also, the shares of non-fossil fuels are expected to jump many folds, albeit from a lower base, by 2035. Non-fossil fuels are expected to contribute four percent of the energy mix against the one pc share at present. The shares of both nuclear and renewables in primary energy rise from close to zero today to 2 pc. Renewables growth is driven mainly by new solar capacity, according to BP.

CO2 emissions will increase by 52 pc; however emissions rise more slowly than primary energy as oil’s share of energy falls from 47 pc today to 42 pc in 2035, displaced by natural gas, nuclear and renewable, according to the report.

Energy used for power generation will grow by 73 pc and electricity supply is expected to go up by 123 pc, thanks to better power plant efficiency.