LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS

Read in App
Business News » World News

Southeast Asian oil demand to keep growing until at least 2040 - IEA

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Tue, Oct 24, 2017
08:52 am
Reuters
RELATED NEWS
Expert Views: BIG! India's retail inflation eases to 4.59% in December Expert Views: BIG! India's retail inflation eases to 4.59% in December
Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands
Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED
Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED    Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED
Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY! Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY!

Southeast Asian demand for oil will keep growing until at least 2040 as emerging nations there rely on the fossil fuel to transport their rapidly growing populations by road, the International Energy Agency said on Tuesday.

Oil usage in the region will expand to around 6.6 million barrels per day by 2040 from 4.7 million bpd now, with the number of road vehicles increasing by two-thirds to around 62 million, the agency said in a report launched at the Singapore International Energy Week. It did not make any forecasts beyond 2040.

A global push to replace combustible engines in vehicles with electric-powered ones to fight climate change has raised concerns in the oil industry that international oil demand could peak in the next 10-20 years.

But the IEA expects oil to continue meeting around 90 percent of transport-related demand in Southeast Asia.

"In 2040, there are about 4 million electric cars in a total passenger vehicle stock of 62 million, but electricity accounts for only 1 percent of transport energy demand," the IEA said.

Oil, together with coal, will lead growth in southeast Asia`s power and transport sectors as the region`s energy demand is expected to climb nearly 60 percent by 2040 from now, the agency said.

The largest share of the increase in final energy consumption will be from power generation, with rising incomes in the region sparking more people to buy electric appliances including air conditioners, the IEA said.

Installed power generation capacity in southeast Asia will rise to more than 565 gigawatts (GW) in 2040, from 240 GW today, it said, with coal and renewables accounting for almost 70 percent of new capacity.

Coal alone will account for almost 40 percent of the growth, overtaking gas in the electricity mix, the IEA said.

Electricity supplied by natural gas-fired plants will rise by 60 percent in absolute terms, but the share of gas in the power mix will drop to 28 percent by 2040 from the current 43 percent, it said.

Southeast Asia will become a key driver for energy demand globally as its economy triples in size and its total population grows by a fifth, the IEA said. But the region`s net energy import bill is also rising as oil production declines, raising concerns over energy security.

Southeast Asia will have to fork out more than $300 billion in 2040 for net energy imports, equivalent to about 4 percent of the region`s total gross domestic product, according to the IEA.

Its net oil imports of 6.9 million barrels per day in 2040 will require $280 billion in annual outlay by 2040, making oil the largest chunk of projected imports, the agency said.

"Apart from the mounting import bill, the region`s increasing dependence on imported energy raises significant energy security concerns," the IEA said.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
RELATED NEWS
Expert Views: BIG! India's retail inflation eases to 4.59% in December Expert Views: BIG! India's retail inflation eases to 4.59% in December
Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands
Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED
Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED    Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED
Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY! Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY!

LATEST NEWS

Tandav FIRs: SC says can''t play a role hurting others'' religious sentiments

Shehnaaz Gill rings in birthday with Sidharth Shukla

Govt may increase customs duty on certain components in Union Budget 2021: Sources

Virat Kohli, Rohit Sharma maintain top 2 spots in ICC ODI rankings

SC declines interim protection from arrest to makers of web series Tandav, others

Yes Bank Share price: After Q3 result, asset Quality back in focus, Elara Capital recommends Sell with a target price of Rs 6

Offline teaching for Classes 9, 11 in Gujarat from Feb 1

SBI vs HDFC Bank vs ICICI Bank: This bank will give MASSIVE return under Senior Citizen Special FD Scheme

Tata Steel, JSW Steel, SAIL to Jindal Steel - Important trend sighted, check impact

Kangana Ranaut alleges ''gandagi'' in Bollywood as she slams farmers'' stir violence

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved