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Population and progress

People and economies need energy to grow and thrive. From 2010 to 2040, the world’s population is projected to rise from 7 billion to nearly 9 billion, and the global economy will more than double. Over that same period, global energy demand is likely to rise by about 35 percent.

Global urbanization

Growing urbanization drives energy demand

As we have seen in developed economies over the previous century, one important fundamental of energy demand is the migration of populations from rural to urban areas. Naturally, the expansion of urban infrastructure creates demand for iron, steel, cement and other industrial goods that are energy intensive.

Rob Gardner

Global fundamentals

Learn more about global fundamentals from our experts in ExxonMobil strategic planning.