Global energy demand is expected to increase by 40 percent to 382.1 million barrels oil equivalent per day (mboe/d) by 2040, according to OPEC's World Oil Outlook for 2016.
Based in Vienna, OPEC released its outlook for 2016, examining the main drivers of global energy demand and revealed its projections for oil markets in the medium to long term up to 2040.
The report shows fossil fuels will continue to dominate the energy mix with a 77 percent share by 2040. Out of global energy demand, natural gas is expected to have one of the largest shares, making up 27 percent by 2040. Oil is projected to follow with 26 percent and coal with 24 percent. Total share of renewables will be 17 percent and nuclear will make up 6 percent of global energy demand.
The organization's report asserts that the rise in energy demand will come mainly from developing countries, which will account for 63 percent by 2040.
In 2040, energy demand of the Organization for Economic Cooperation and Development (OECD) countries will reach 30 percent while Eurasia will make up 7 percent of global energy demand.