Global energy demand to spike: Exxon

U.S. energy giant Exxon Mobile said Monday that global energy demand will rise by 25 percent from 2014 to 2040, an increase equivalent to the total energy consumed now in the Americas.

In a report released Monday, the Texas-based company predicts that India and China will account for half of the increase.

Another 30 percent will come from other developing countries such as Brazil, Mexico, South Africa, Nigeria, Egypt, Turkey, Saudi Arabia, Iran, Thailand and Indonesia, the report says.

Despite the current trend to develop and tap alternative fuel sources, Exxon does not foresee crude oil fall from its position as the top energy source due to increases in population and living standards.

Oil use will grow by 25 percent during this period and use of natural gas will jump by 56 percent, the report says.

Together, oil and gas will account for 57 percent of the world's energy, up from 56 percent in 2014, it says.

The report predicts coal use will drop to about 30 percent in 2040, from 40 percent in 2014, and that increased use of natural gas will place it in a dead heat with coal as a power generator.

The report also predicts that shale, oil sands mines and deepwater fields will increasingly be relied on for crude supplies and that oil sands' contribution to crude output will more than double in 24 years.

Exxon Mobile uses long-term forecasts for its business and strategic planning. Endi