The World Energy Outlook has released a report on Monday that forecasts energy demand for the next few decades.
MOSCOW (Sputnik) — According to the World Energy Outlook 2017 (WEO 2017) report of the International Energy Agency (IEA), the global energy demand will rise by 30 percent by 2040 despite the lower growth rate than in the past.
READ MORE: Global Oil Demad to Grow 12% to 104.9 Mln Barrels Per Day by 2040 — IEA
Moreover, according to the report, China will still have the highest energy demand in the world but the largest contribution to the demand growth will come from India.
“The largest contribution to demand growth – almost 30% – comes from India, whose share of global energy use rises to 11% by 2040 (still well below its 18% share in the anticipated global population),” the press release said, adding that the Southeast Asian nations will also contribute to the global energy demand’s growth.
Aditionally, the WEO2017 expects that the energy demand will decrease in some developed countries. The report also added that urbanization and increasing household incomes will trigger the growth of the global energy demand.
As for the Russian commitments, the IEA Oil Market Report confirmed that Russia fulfilled its obligations under the oil output cut deal by 98 percent in October and by 104 percent in September. Under the output cut deal Russia reduced its oil production by 294,000 barrels per day in October, according to the IEA report.
“Adherence to agreed output cuts from the ten non-OPEC countries party to the supply cut deal reached 107% in October, down from an upwardly revised 142% in September. Russian compliance slipped to 98% from 104% a month earlier,” the report said.
Besides, the IEA was decreasing forecast for global oil demand in 2018 by 0.2 million barrels per day day to 98.9 million barrels per day, as long as the OPEC Monthly Oil Market Report, published on Monday.
“Projections of global oil product demand in 2017 and 2018 have been revised downwards by, respectively, 50 kb/d and 190 kb/d, to 97.7 mb/d and 98.9 mb/d,” the agency said in its report, noting that the revision resulted mainly from higher prices and the expectations of milder winter.
Meanwhile, the OPEC Monthly Oil Market Report, published on Monday, covered major issues affecting the world oil market and provides an outlook for crude oil market developments for the coming year. OPEC Monthly Oil Market Report also revealed global oil demand decrese, along with the global oil production and non-OPEC states’ oil supply decrese.