BP Energy Outlook 2017

According to this report, India’s consumption growth of fossil fuels will be the highest by 2035 and it will overtake China as the largest growth market for energy in volume terms by 2030.

Global demand for oil will still be growing in 2035 even with an enormous growth in electric cars in the next two decades, with numbers on the road rising from 1m to 100m, BP has predicted. The oil and gas giant predicted that despite electric cars spreading rapidly and renewable energy recording exceptional growth, oil demand would still rise because of rising prosperity in the developing world. BP said electric cars would not be a “gamechanger” for the oil industry. Publishing its energy outlook, which forecasts long-term trends and informs the company’s internal strategy, BP predicted global energy demand would grow nearly a third by 2035. Fossil fuels would still account for 75% of the energy mix, slightly down on the 80% BP forecast last year.

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