BP predicts Middle East to maintain top ranking in oil exports

oil gasBP is expected to be producing a third of the world’s oil in the next twenty years. (Image source: Corepics VOF)BP is predicting the Middle East will maintain its role as the world’s top oil exporter in 2035 as part of its Energy Outlook for 2016

The company’s annual Energy Outlook presentation contains ‘forward-looking statements’ to 2035 regarding global economic growth, population growth, energy consumption, energy efficiency and policy support for renewable energies.

BP is also predicting the Middle East will remain the largest oil producing region, accounting for a third of the world’s oil in another twenty years.

The company claims the region is set to become the ‘largest consumer of oil per capita by 2035, surpassing North America’; with a 60 per cent predicted growth in oil consumption.

However, the share of non-fossil fuels in the region’s energy mix rises from only one per cent today to no more than four per cent by 2035.

The report explains, “CO2 emissions increase by 52 per cent however emissions rise more slowly than primary energy as oil’s share of energy falls from 47 per cent today to 42 per cent in 2035, displaced by natural gas, nuclear and renewables.”

BP has said its statements ‘involve risks and uncertainties because they relate to events, and depend on circumstances, that will or may occur in the future.’

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