Did you know that in 2016, the world consumed 94 million barrels of oil per day? That met about 32 per cent of the world’s energy demand. According to the International Energy Agency’s (IEA) 2017 World Energy Outlook, increasing production of other forms of energy, such as renewables, nuclear and natural gas will cause oil’s share of the global energy mix to fall to 27 per cent by 2040. However, an overall increase in global energy demand means that we’ll actually need more oil by 2040 than we produce today: about 105 million barrels of oil per day.
As well, in 2016, the world consumed about 129 trillion cubic feet of natural gas. Increasing use of natural gas, which is abundant and the cleanest burning hydrocarbon, means that global consumption of this energy source will jump 45 per cent to 199 trillion cubic feet of natural gas in 2040 according to the IEA. This will move natural gas past coal to become the second-most used energy source, meeting 25 per cent of the world’s energy needs.