What will energy world look like in 20 years?

In 20 year to come the share of renewable energy carriers and natural gas in the energy sector will keep on growing, said BP senior economist Spencer Dale. The coal consumption will go down and increase in the number of machinery will contribute to growth of oil demand, writes Dale in his article in Financial Times.

Dale believes doubling of the world automobile park in the next 20 years will guarantee demand in oil.

The demand in coal will go down most of all, because China, its main consumer, will re-orient itself to the scheme of growth least dependent on the hydrocarbons.

In the coming decades world demand in the energy carriers expects significant growth. As global economy will expand at the expense of Asian countries, more energy will be needed to ensure economic efficiency and improve living standards, said BP representative.

As far as the oil market is concerned, Dales expects growth of demand and weakening of supply. In particular, he believes that shale oil production in the US has reached its peak last spring and will, probably, continue going down throughout the year.

Based on these tendencies and taking into consideration increase in Iranian oil export, during the second semi-annual period this year the oil market will come closer to the balance, writes Dale. A significant excess of resources will remain and some time will be needed to get rid of it, economist added. At least some signs of change of the trend will be noticeable at the market by the end of the year, concluded Dale.-0—