However, this growth will have little to do with demand in developed markets. In OECD countries, which are generally more developed than non-OECD countries, GDP is expected to grow at an annual rate of around 2 per cent through 2040. Non-OECD countries are expected to grow at a 4.5 per cent rate.
OECD countries are also much more advanced in terms of energy efficiency. As such, demand growth in the developed regions of the world is expected to be flat through 2040.
On the other hand, improving living standards and underdeveloped energy efficiency standards will cause non-OECD energy demand to soar by 60 per cent.
It is, however, worth noting that in 2040, per capita energy use in non-OECD countries will be 60 per cent less than in OECD countries.
[credit provider=”ExxonMobil” url=”http://www.exxonmobil.com/Corporate/energy_outlook_view.aspx”]