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ExxonMobil Posts Strong Oil Demand Forecast

World’s oil and gas behemoth, ExxonMobil, has substantially addressed the fears of producing countries and firms pointing to sustainable demand growth across the globe despite efficiencies earlier projected. New demand is to be driven by rapidly increasing population of people on earth while part of the demand centres, according to world’s biggest oil multinational, would be the developing economies of the world where energy demand is predicted to rise by about 65 percent by 2040.

The company also forecasts that as global economic output more than doubles during the period, energy demand would increase about 35 percent, even with significant efficiency gains. In “The Outlook for Energy: A View to 2040″ an annual forum it hosts, the company said the world is challenged by increasing population which might hit nine billion in 2040. “We are challenged to not just meet basic needs, but also to improve living standards throughout the world.

The scale and nature of this challenge is readily apparent in Exxon- Mobil’s Outlook for Energy: A View to 2040, our long-term global forecast of energy supply and demand trends,” it said. Country General Manager, Public and Government Affairs of the firm, Mr. Paul Arinze, explained that it is important to understand the links between population growth, economic progress and the amount and type of energy used around the world.

According to him, growing populations advance economically over and seek better living standards, which in general leads to increased energy use. He explained that the company’s Energy Outlook is shared with public audiences around the world to broaden understanding of the energy challenges and opportunities faced globally.

This he said is very crucial for energy rich and energy dependent country like Nigeria. Arinze further noted that today, electricity generation represented the largest driver of demand for energy and that through 2040, it will account for more than half of the rise in global energy demand. He also said that transportation demand will rise about 40 percent, driven by expanding commercial activity. “However, global energy used for personal vehicles will gradually peak and then begin to fall, as significan fuel economy gains offset growth in the worldwide fleet” he added.

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