Copied from WUWT:

https://wattsupwiththat.com/2019/10/01/peak-oil-postponed-again-us-eia-international-energy-outlook/

Sep 29, 2019
The U.S. Department Of Energy Says More Oil, More Natural Gas

Jude Clemente Contributor
Energy
I cover oil, gas, power, LNG markets, linking to human development.

 Numerous energy headlines from this past week alone caught my attention. They perfectly illustrate the massive scale of investment plans for oil and gas projects around the world. Here are just a few:

*”Japan to invest $10 billion in global LNG infrastructure projects.”
*”Tellurian Signs $7.5 Billion LNG Pact With India’s Petronet.”
*”LNG investments hit record of $50 billion in 2019.”
*”Brazil’s Huge $25 Billion Oil Auction Clear Very Important Hurdle.”

As fate would have it, on Tuesday, a day after my birthday (I turned 25 again), the U.S. Department of Energy’s EIA released its International Energy Outlook 2019. It’s a glorious read, and one that I deem mandatory for all Americans, and even those globally interested in energy. We should all take advantage of the fact that we have such government information freely available to us open-source online.

You should know that the vast majority of countries have no such access to their own governments. Again, this is the official modeling from the U.S. Department of Energy and its National Energy Modeling System. This is not from ExxonMobil, the Sierra Club, or the American Wind Energy Association trying to sell you something or make you think a certain way. This is the outlook of the U.S. Department of Energy.

What’s past is prologue: more oil, more natural gas. No kidding. These two essential fuels supply nearly 65% of the energy used in the U.S. and global economies. Global annual oil demand has been surging ~1.4 million b/d since 2000 alone, with gas usage up 8 Bcf/d per year. 

[…]

The simple reason why we see such huge investments in oil and gas as seen in the above headlines is because we know that the world will need even more of them. In particular, the still developing world is looking at the oil and gas consuming West to see how affordable and reliable energy can grow economies and improve human development. 

[…]

The main reason for the following graphic is that oil is the world’s most vital fuel and has no significant substitute whatsoever. Oil is the basis of globalization, utilized in practically everything that we do, and the most internationally traded commodity in the world. Oil’s value is so immense that too high of a price can cause a global economic recession. 

[…]

Next comes the world’s go-to fuel: natural gas.

Just last year alone, global gas demand jumped over 5% to a staggering 137 trillion cubic feet.

That’s a Marcellus’ shale worth of production devoured every three weeks. "

Here are some informative graphs from the article.