WASHINGTON (Reuters) - Despite rising oil prices, global petroleum use is expected to be stronger over the next two decades than previously estimated, the U.S. government said on Monday.
World oil demand is expected to climb to 112.2 million barrels per day in 2035, up 1.4 percent from a previous estimate, the U.S. Energy Information Administration said in its annual international energy outlook.
“Most of the growth in liquids use is in the transportation sector, where, in the absence of significant technological advances, liquids continue to provide much of the energy consumed,” the EIA said.
Global petroleum consumption could rise 26.9 million bpd between 2008 and 2035, with conventional oil production meeting less than half of this growth at 11.5 million bpd.
Production of unconventional sources of liquid fuels, such as biofuels and oil sands, is forecast to increase to 13.1 million bpd in 2035 from 3.9 million bpd in 2008.
Overall, world energy use is seen increasing 53 percent by 2035, with developing nations such as China and India leading the growth.
Reporting by Ayesha Rascoe; editing by Jim Marshall