World petroleum and liquid fuels consumption is estimated to increase by 38 percent by 2040, according to projections in the newly released International Energy Outlook 2014 produced by the United States Energy Information Administration (EIA). The projection is being largely driven by increased demand in the developing world, especially Asia and Middle East. The Administrator of EIA, Adam Sieminski noted that the two regions account for 85 percent of the anticipated total increase in liquid fuels consumption worldwide.
According to the report, world liquid fuels use is projected to grow from 87 million barrels per day (MMbbl/d) in 2010 to 119 MMbbl/d in 2040. While OPEC oil producers are expected to be the largest source of additional liquid fuel supply between 2010 and 2040, non-OPEC crude and lease condensate production will increase by 10 MMbbl/d. The report also suggested that potential new supplies of oil from tight and shale resources have raised optimism for large, new sources of global liquid supplies to meet growing demand.