“Coal’s share of the global energy mix continues to rise, and by 2017 coal will come close to surpassing oil as the world’s top energy source,” says the IEA in its Medium Term Coal Market Report released today.The world will burn 4.32 billion tonnes of oil equivalent (btoe) of coal by 2017, putting it nearly on par with oil as the most consumed energy.
However, the worldwide rate of coal use growth will actually slow in the coming years.
But Asian demand will put consumption levels just behind oil’s, which will total 4.40 btoe in 2017.
China will soon surpass the rest of the world in coal demand and India will become the largest seaborne coal importer and second-largest consumer, surpassing the United States, the report says.
That demand will not be enough to save U.S. coal manufacturers. The IEA cuts its U.S. production forecast from last year’s report to 697 million tons of coal equivalent from 771 mtce.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.