Oil and gas from shale rock formations and energy from other unconventional sources will rebalance global trade flows in the next two decades, BP Plc. said Wednesday as it released its annual long-term energy outlook. The British company expects global energy demand to rise 36% by 2030, with almost all the growth coming from emerging markets. Shale oil and gas, as well as heavy oil and biofuels, will play an increasingly important role in fulfilling that demand, the company said. By 2030, increasing U.S. production and moderating demand will result in the U.S. being 99% self-sufficent, BP added. China, India, and other major emerging economies, with their continued steep growth, will become more reliant on energy imports. Moreover, fears "over oil running out ... appear increasingly groundless," BP Chief Executive Officer Bob Dudley said in a news release.

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