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"BP Energy Outlook 2035" (BP) projects that global energy consumption will increase 41% from 2012 to 2035, with 95% of the growth occurring in emerging economies. The report also projects that CO2 emissions will increase 29% over that same time period, with virtually all growth driven by emerging markets.

Global oil demand will continue to grow into the 2040s even as electrical vehicle fleets expand and the low-carbon energy transition gains traction around the world, BP revealed in its annual Energy Outlook, an industry benchmark report forecasting long-term trends and informs the company's internal strategy. The predictions come as other oil companies such as Royal Dutch Shell prepare for demand to peak by the early 2030s and countries make the shift to cleaner forms of energy.

According to the report, 95 percent of study respondents ranked aging facilities and infrastructure as one of the most significant challenges facing the industry, followed by the aging of management and plant workers.

Electric vehicles are projected to represent 54% of new car sales by 2040, according to a Bloomberg New Energy Finance report. Electric vehicles are also projected to displace 8 million barrels of transport fuel per day and add 5% to global electricity consumption by 2040.