Energy is essential

Economic growth and energy demand are tightly linked, with energy essential for economic progress.

Going forward, we expect that:

Energy demand will increase
Increasing population, economic growth and improving living standards around the world will generate much greater demand for all forms of energy. Growth in energy use will continue in North America, but it will be strongest in developing countries -- such as China, India and those in Latin America -- where economies are growing most rapidly.

Oil and natural gas will remain the world’s primary energy sources
Even with advances in energy efficiency, global demand for all sources of energy will reach the equivalent of about 325 million barrels of oil a day by 2030, or about 40 percent more than in 2005. There will be a major increase in the use of renewable energy, but oil and natural gas will continue to supply about 60 percent of the world’s energy over the outlook period -- reflecting their availability, versatility, and affordability.

Resources will be available to meet demand
While oil and gas are abundant, supplying increasing amounts of these resources is a complex, long-term proposition. Massive investment, sound environmental management and governments granting access to frontier resources will be key to meeting the challenge. Similarly, open energy markets will be essential as global energy interdependence grows and international energy trade expands. Technological advances will also be vital to the world’s energy future: expanding supply by developing previously unrecoverable resources; mitigating demand growth by improving energy efficiency; and reducing the environmental impacts of increased energy use.

> Visit www.exxonmobil.com to learn more about The Outlook for Energy.