OPEC Will Save The World

According to the U.S. government, the demand for all forms of energy all over the world is expected to grow by 54 per cent in next two decades, while the oil consumption is supposed to rise by 40 million bpd.

The U.S. EIA predicts the strongest growth in energy use from developing countries, especially China and India to 2025, where buoyant economies will boost demand.

Energy use in developing countries will rise by 91 per cent over the same period, while in industrialized nations it believed to rise by 33 per cents.

This year world oil demand is to rise from 81 million bpd to 121 million bpd in 2025, with the United States, China and the rest of developing Asia soaking up almost 60 percent of those extra barrels, EIA said.

"Over the past several decades, oil has been the world's foremost source of primary energy consumption, and it is expected to remain in that position," the agency said.

OPEC is expected to be the major supplier of the extra oil, with the cartel's production at 56 million bpd in 2025 compared to 27 million bpd this year.
Oil prices are expected to decline after this year to $25 a barrel in inflation-adjusted 2002 dollars, and then rise slowly to $27 in 2025, which would be $51 a barrel in nominal dollars, the agency said.

Natural gas is the fastest growing primary energy source, will increase by 67 percent to 151 trillion cubic feet a year.