Energy demand will decrease 11 percent in Europe and 5 percent in Russia and the Caspian region between 2017 and 2040, according to a new forecast by ExxonMobil. At the same time, the study predicts increases of 37 and 32 percent, respectively, in Africa and the Middle East.
The study predicts that Europes energy demand will fall to 69 quadrillion British thermal units by 2040, according to the study, Outlook for Energy: A Perspective to 2040. Oil, natural gas and coal are expected to account for 65 percent of that amount, with oil remaining the leader at 33 percent. While most types of energy demand will decline over the 23-year period in Europe, the renewables segment will show strong growth, with consumption expected to be 125 percent higher in 2040 than in 2017. Coal is expected to show the steepest decline, dropping by 65 percent. Europe is likely to increasingly rely on natural gas trade to meet consumer demand as local production declines, the outlook suggests.