Energy Demand To Outpace Population Growth – Kuwait Oil CEO
Global energy demand will increase faster than the rate of population growth through to 2050, according to the CEO of Kuwait Petroleum Corporation, contradicting projections that demand will peak in this current decade.
The statement was made this week by Shaikh Nawaf S. Al-Sabah, speaking at the CERAWeek 2024 global energy conference.
Responding to a question about whether global energy demand will peak by 2030, Al-Sabah told the conference: “The world population is going to increase by about 25% between now and 2050, but energy demand will increase faster than that. That means that we’re going to require more energy intensity for the population in the world.”
According to the CEO, three quarters of a billion people in the developing world have no electricity and nearly 2.5 billion people have no clean cooking solutions.
“That is going to have to change,” Al-Sabah said. “The global south will be a large component of energy demand in the future. And it’s only fair to have countries that have – to use a term – energy poverty, be able to exploit natural resources in a clean and efficient manner.”
Paris-based International Energy Agency (IEA) forecast in October last year that demand for oil, coal and natural gas would peak before the end of this decade as clean energy solutions take a bigger role in the global energy supply market. The IEA’s projection, however, has been a point of contention during this week’s CERAWeek discussions.
Amin Nasser, CEO of Saudi Aramco, said on Monday that projections of fossil fuel demand peaking this decade were based on Western nations, whereas more than 85% of the world’s population lives in developing countries.
Nasser stated that demand growth potential in developing nations is significant, with oil consumption currently ranging between 1 and 2 barrels per person per year. This compares to 9 barrels per person in the European Union and 22 barrels per person in the United States. He believes that energy transition will largely be determined by developing nations, where alternative energy sources are currently unaffordable for the majority.
“The world needs to abandon the fantasy of phasing out oil and gas,” said Nasser.
The Kuwait Petroleum Corporation plans to increase its oil production capacity from 3 million barrels per day to 4 million barrels per day by 2035.
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