The Energy Information Administration on Wednesday said world demand in energy is expected to soar up to 44 percent by 2030, driven by strong long-term economic growth in the developing nations globally.
It expects global oil prices to rise above average to $110 a barrel in 2015 and $130 a barrel in 2030. Demand will swell to 107 million a barrels per day from 85 million barrels per day in 2006 and accounting for 32 percent of the world’s energy supply by 2030.
The current worldwide economic downturn dampens world demand for energy in the near term, as manufacturing and consumer demand for goods and services slows, the Energy Information Administration said.
Oil rises rose above the six month high to $61 on Tuesday as the world economies recover, down from more than $187.98 a barrel in July to about $40.92 in December as demand dropped off due to the global economic crisis.
“However, with economic recovery anticipated after 2010, most nations return to trend growth in income and energy demand, the EIA said.
Global natural gas demand will increase by almost 50 percent to 153 trillion cubic feet. In US it expects to increase 1.9 million bpd from 0.3 million bpd in 2006 and its natural gas to increase 57 percent in 2030.
Total non-OECD energy consumption will increases by 73 percent compared with a 15-percent increase in energy use among the OECD countries as The Organization of Petroleum Exporting Countries will continue to provide 40 percent of the world's oil supplies through 2030.
It also expects biofuels, oil sands, extra-heavy oil, coal-to-liquids, and gas-to-liquids to increase 13.4 million barrels per day totaled in 2030 globally particularly in china, India, Russia and brazil to increase 75 percent on its global energy demand of its unconventional source to 5.9 million barrels per day in 2030.