Despite much lower oil prices at the end of 2014, Exxon Mobil’s forecast for the global energy supply and demand picture through 2040 is very similar to its forecast last year.(i) It sees energy demand growing by 35 percent to fulfill the needs of 2 billion more inhabitants consuming energy worldwide by 2040. It expects carbon-based fuels to meet about 75 percent of global energy demand through 2040. It also expects that oil and natural gas will be the two most prominent global fuels in 2040 with oil maintaining its number one ranking and natural gas surpassing coal for the second position. Combined, these two fuels are expected to provide 60 percent of global energy demand in 2040.[ii]
