Statoil launches its annual outlook for global economics and energy markets – Energy Perspectives 2012.

It foresees significant progress for energy efficiency, but global energy demand is still expected to increase by more than 40 per cent towards 2040. Fossil fuels account for the majority of the increase. Even faster growth is projected for in nuclear and renewables, reflecting a steady greening of the energy mix.

Statoil emphasises the uncertainty connected with any long-term outlook, but points to the connection between energy and economic growth.

"Our assessment suggests that global growth will continue at an average of 2.8 per cent per year over the coming three decades. This is close to the average of the previous 30 years, even though we expect a gradual slowdown in growth towards 2040," says Statoil chief economist Klaus Mohn.

Tags: Statoil