World marketed energy consumption is projected to grow by 44 percent between 2006 and 2030, driven by strong long-term economic growth in the developing nations of the world, according to the reference case projection from the "International Energy Outlook 2009" (IEO2009) released today by the Energy Information Administration (EIA).
The current global economic downturn will dampen world energy demand in the near term, as manufacturing and consumer demand for goods and services slows. However, with economic recovery anticipated to begin within the next 12 to 24 months, most nations are expected to see energy consumption growth at rates anticipated prior to the recession. Total world energy use rises from 472 quadrillion British thermal units (Btu) in 2006 to 552 quadrillion Btu in 2015 and then to 678 quadrillion Btu in 2030.
World oil prices have fallen sharply from their July 2008 high mark. As the world's economies recover, higher world oil prices are
In addition, unconventional resources (including biofuels, oil sands, extra-heavy oil, coal-to-liquids, and gas-to-liquids) from both non-OPEC and OPEC sources are expected to become increasingly competitive in the reference case. World production of
Recent experience demonstrates that world oil prices can be extremely volatile and, as a result, the IEO2009 includes three
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