Statoil: Global Oil Demand Will Hit 100 MMbopd by 2040

Musings: Latest Economic Statistics Are Not Good for Energy Market

Statoil expects global demand for oil to grow to by 15 million barrels per day to around 100 million bopd by 2040, although this demand is expected to peak around 2030, according to the Norwegian major's latest "Energy Perspectives" report.

As with last year's report, Statoil continues to see gas as "a fuel of the future" with global gas demand expected to increase at an average of 1.6 percent through to 2040. Statoil noted that the supply potential of shale gas "continues to surprise" both in terms of volumes and marginal costs, while environmental policies are expected to help improve the competitiveness of gas – which is the cleanest fossil fuel in terms of carbon emissions.

Oil demand is forecast to grow at 0.5 percent per year, which is a slightly greater rate than last year's forecast, with income growth and an increase in private transport in emerging economies being the two most important drivers of oil demand.

Statoil noted that the technology-driven shale revolution and continuous improvements in oil sands technology mean that several new types of oil liquids – like tight oil and natural gas liquids from shale gas and oil sands – have become economical.

"Together with rising bio-fuels and gas-to-liquids production, these 'new' types of oil liquids will play an important role in replacing most of the declining conventional non-OPEC crude production over the next decades," Statoil Chief Economist Eirik Wærness said in a company statement.

Oil demand is expected to peak around 2030, with growth limited mainly by a relatively high price and fuel competition, technological change and efficiency improvements in the transportation sector.

A former engineer, Jon is an award-winning editor who has covered the technology, engineering and energy sectors since the mid-1990s. Email Jon at


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Our Privacy Pledge

More from this Author
Jon Mainwaring
Senior Editor, EMEA | Rigzone
 -  Total CEO: Oil, Gas Industry Must Enga... (Feb 11)
 -  Faroe to Drill 3 Exploration Wells in ... (Feb 5)
 -  Ombrina Mare Project Development Stymi... (Feb 3)
 -  BP to Cut 7,000 Jobs in 2016/2017 afte... (Feb 2)
 -  Mainland Europe Shale Gas: What Now? (Feb 2)

Most Popular Articles

From the Career Center
Jobs that may interest you
Senior Engineer
Expertise: Civil Construction|Civil Engineering|Project Management
Location: Houston, TX
Project Assistant
Expertise: Project Management
Location: Downers Grove, IL
Accounting Manager
Expertise: Accounting
Location: Houston, TX
search for more jobs

Brent Crude Oil : $30.84/BBL 1.71%
Light Crude Oil : $27.45/BBL 1.75%
Natural Gas : $2.05/MMBtu 1.91%
Updated in last 24 hours