World energy consumption is expected to jump 50 percent from 2005 to 2030, largely due to an expanding population and increased economic growth, CNN reported. According to a government report, developed countries are expected to see a 19 percent rise in energy use, whereas usage in the developing world is expected to increase 85 percent.

Furthermore, oil prices are expected to range from $113 to $186 a barrel. Based on the higher price, world oil consumption is expected to grow to 99 million barrels a day in 2030, from about 85 million barrels a day currently, as high prices limit demand. A middle range price would put expected world oil use at 113 million barrels a day.

“Given current market conditions, it appears that world oil prices are on a path that more closely resembles the projection in the high price case than in the reference case,” the Energy Information Administration said in its annual report on global energy markets.

Government officials and oil companies said producing 113 million barrels of oil a day is possible, but market skepticism has kept prices high. Also, the projected numbers for both the high- and middle-range price scenarios are based on 2007 oil prices, and oil has nearly doubled in price since then.

In contrast, the International Energy Agency recently said it is revising its assumptions and estimates that the world will not be able to produce more than 100 million barrels a day by 2030. Others in the industry claim the world is maxed out at 85 million barrels a day.