Vanguard
16 Feb 2011
THE global appetite for energy is likely to swell far more rapidly than available supply in coming decades as oil production hits a plateau and emerging markets see rampant economic growth, Royal Dutch Shell has said.
The oil giant predicts that by 2050 world energy demand may have tripled compared with 2000 levels, based on historical patterns of development.
However, energy supplies may grow by only 50 per cent in the same period. Improvements in energy efficiency could curb demand by 20 per cent.
But the world still needs to figure out how to bridge a looming gap between supply and demand equivalent to the global energy industry’s entire output in 2000, Shell calculated. By the end of this decade the world will run into a plateau in oil production, a development that will put “upward pressure” on oil prices.
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