Oil is left behind in global energy surge

BP said yesterday that world oil demand would rise by 18 per cent to 103m barrels per day by 2030 – but that other forms of fuel would grow at a faster pace.

Higher prices will help restrain oil demand, which will barely rise in OECD countries including the UK, the oil major’s Energy Outlook 2030 report found.

China and India will become the world’s largest and third-largest economies and energy consumers by 2030, as global energy demand grows by 1.6 per cent a year.

Use of renewable energy including biofuels will increase at more than eight per cent a year through to 2030, a quicker rate than oil.

BP’s report coincided with the International Energy Agency revealing that oil demand fell at the end of 2011, for the first time since the 2008 financial crisis.