Global energy demand continues to gain momentum, driven by China and other emerging markets, but the pace of growth is uncertain in the long-term.However, while China's double-digit growth rates of the last decade have slowed, its vast size and ongoing development ensure that it will retain its position as the world's largest energy consumer.

Our analysis reveals that between 2014 and 2030, energy demand growth within Asia-Pacific will outpace that of North America by five times. Europe will become increasingly reliant on imports as India and China cement their positions as leading destinations for exporters of coal, oil and gas.

However, this era of increasing demand is also one of robust energy supply. The world's increasing energy needs will, in part, be met by the emergence of North America as a net-energy exporter before the 2020s, helping to reshape commodity trading patterns across the world.

We believe that by 2020, the growth of North American oil production will outpace the Middle East by four barrels to one and that North American output will have grown by 390 million tonnes of oil equivalent by 2030.

As a result of growing supply, we will see few strong upside signals for oil, gas and coal prices. Investors are also wary, and shareholder pressure on companies to increase returns is pushing down spend.

This shift in focus from volume to value will lead a supply outlook more appropriate to a world in which demand growth – while still remarkable in the context of history - is softer than was expected a few years ago.

However, despite cost pressures, the expansion of developing markets, the impact of new techniques and technology on supply and the increasingly interconnectivity of global energy trade provides a spread of opportunities for growth in the long-term.

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Source: Wood Mackenzie