STAVANGER, Norway, June 14 (UPI) -- Global demand for oil will increase in coming decades but not as fast as other energy resources, Norwegian energy company Statoil said Friday.
Statoil released a report Friday on the long-term prospects for the energy sector. It projected oil demand to increase steadily to 2040 but not as fast as other resources like natural gas.
In terms of renewable energy, the report said renewables should account for about 8 percent of the energy market by 2040. Fossil fuels, however, will still dominate in terms of meeting global energy demand.
The report comes on the heels of a Norwegian Petroleum Directorate estimate of May oil production figures from the country of 1.49 million barrels of oil per day. The NPD said that's approximately 0.7 percent less than in April.
"The oil production so far this year is about 1.3 percent below the NPD's prognosis," the energy regulator said Thursday.
Norway is a European leader in terms of oil and natural gas production. The government this week awarded dozens of exploration rights to energy companies for work in the Barents and Norwegian seas.