The Organization of Petroleum Exporting Countries (OPEC) stated that by 2040, the total global primary energy demand will rise by 40 percent or 108.2 million barrel of oil equal per day. Most importantly, it stated that the sharpest rise would be recorded in developing countries.

“By 2040, almost 63 percent of global energy demand will stem from developing countries, compared to the current share of 51 percent,” the report said.

According to the report, oil is expected to remain the fuel with the largest share for most of the forecast period, but it is predicted that it will be overtaken by gas at some point close to 2040. Oil is also projected to be the second-largest contributor to additional energy needs between 2014 and 2040.

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