Oil demand is projected to grow at a moderate annual average rate of 1.3% between 2013 and 2035, with above-average growth coming from the industrial (1.7%) and transport (1.5% per annum) sectors. Demand in the RCA is projected to remain flat at 0.3% growth per annum between 2013 and 2035. Net imports of crude oil and petroleum products are forecast to increase steadily during the outlook period. Turkey will be importing 99% of its oil demand by 2035 compared to 95% in 2013.
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Due to their sensitivity to political events and the global economy, energy demand and trade remain extremely volatile. The rapidly changing cost environment for hydrocarbon production and renewable energy, combined with energy policy changes, means the fuel mix in energy markets can be unpredictable at best. Further complicating the outlook is the transition and pace of the energy-intensive developing world from industrial to services-based economic growth, supporting the growing need for power generation.
This Energy Markets Long Term Outlook report provides a multi-fuel supply and demand forecast supported by a breakdown of the key facts.
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Commodity market report | Sep 2014
Turkey energy markets outlook H2 2014 - oil
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