MOSCOW (Sputnik) – Global oil output is forecast to grow 6.8 percent to almost 35 billion barrels by 2040 compared to 2015, while gas production is expected to rise 42.8 percent to 5 trillion cubic meters in the same period, an adviser to the CEO of Russia's state geological exploration company ROSGEO said in an interview with the NefteKompas magazine.
"According to our experts' forecasts, global production of crude oil will grow from 4.4 billion metric tons [32.25 billion barrels] in 2015 to 4.7 billion metric tons [34.45 billion barrels] by 2040," Anton Sergeyev said.
Despite the current increase in the significance of alternative energy sources, oil and gas will keep their dominant role amounting to 50-52 percent of the market by 2040, Sergeev added. The share of crude oil in the global energy market will fall from 31 percent in 2015 to 27 percent in 2040, while the share of natural gas will increase from 21 to 24 percent during the same period, according to ROSGEO forecasts.
