September 14, 2017 / 5:20 PM / a year ago

Global use of liquid fuels to grow by nearly a fifth by 2040: EIA

NEW YORK (Reuters) - Global use of petroleum and other liquid fuels will grow by nearly a fifth by 2040, driven by the transportation and industrial sectors, the U.S. government said on Thursday.

The word oil is pictured on an oil bank at a recycling yard in London March 2, 2011. REUTERS/Stefan Wermuth

Consumption is set to grow from 95 million barrels per day in 2015 to 104 million bpd in 2030 and 113 million bpd in 2040, according to the U.S. Energy Information Administration’s international energy outlook for 2017.

That reference case would mean a 19 percent increase between 2015 to 2040.

Countries outside of the Organization for Economic Cooperation and Development account for most of the increase, with demand rising by 1.3 percent per year, compared with a slight decrease for those in the group.

OPEC countries will maintain or increase their combined market share of crude and lease condensate production, the EIA added.

Meanwhile, renewables will remain the world’s fastest-growing energy source, with consumption increasing by an average 2.3 percent a year between 2015 and 2040.

However, fossil fuels will remain the dominant energy source, accounting for 77 percent of energy use in 2040.

Natural gas is the fastest-growing fossil fuel in projections with global consumption forecast to rise 1.4 percent annually.

Reporting by Catherine Ngai; Editing by Marguerita Choy

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