Exxon Mobil Corp. (XOM) forecasts global energy consumption will rise 35 percent by 2040, driven by China and India, the Wall Street Journal reported, citing the company’s latest long-term energy outlook.
Exxon projects North America will become a net energy exporter by 2025 because of an increase in oil and gas production and improvements in energy efficiency, the newspaper said. The Irving, Texas-based company is the world’s biggest energy producer by market value.
The use of coal will decline 33 percent by 2025, compared with a previous estimate of 23 percent, as more natural gas- fired power stations are built, the report said. The growth of U.S. and Canadian oil and gas production may lead to an increase in international shipments, according to the report.
Exxon compiles the outlook annually to guide long-term investment decisions.
Demand in developed regions such as the U.S., Canada and Europe will be unchanged or decline as they become more efficient, according to the newspaper report. While developed nations by 2040 are forecast to generate 80 percent more economic output than in 2010, they will use the same amount of energy, the newspaper said, citing the outlook.