Forward-looking perspective on oil and gas production in Europe

15 May 2014

In 2010 world energy demand was equivalent to about 260 million barrels of oil equivalent per day (boepd), and oil and gas represented 54% of this global demand. According to the International Energy Agency (IEA), demand is expected to increase by about 35% by 2035, reaching about 350 million boepd. This increase will mostly be driven by the economic development of emerging countries and the increase in world population. While the share of oil and natural gas in the energy mix will remain stable at around 52%, the demand for gas is expected to increase relative to oil because gas resources are abundant and because gas combustion emits significantly less greenhouse gas (GHG) emissions than coal, in particular.