China to Challenge World Energy Market

According to the “World Energy Outlook” report prepared by the International Energy Agency, the world’s energy consumption will increase by 60 percent by 2030.

China will rival the US as the biggest consumer and will use 10 million barrels oil per day by 2030. The Energy Agency report says the most significant reason behind the oil prices’ increase as the increase in demand in China and points out that China’s development should be considered in the sector.

A panel titled, “Latest Position of the Global Energy Markets and Future Scenarios” has been organized by the Turkish Exporters’ Council. Doctor Fatih Birol, top economist of the Energy Agency, participated in the panel and made estimations about world economy policies towards 2030. According to the information given by Birol, energy resources, especially oil, are sufficient until 2030. During this process, oil will continue to keep its prominence and an developing countries will increase their production of nuclear power. Energy production from renewable sources such as water will be paid more attention, but the biggest increase will be faced in natural gas. Whereas a two-fold increase is expected in natural gas production compared with today, Africa, Latin America, Iran and Russia will be active in production.

Speaking at the meeting Turkish Exporters Assembly (TIM) President Oguz Satici said that a rational use of current natural gas and oil pipe lines will be grounds for deepening the economic integration between Turkey and the European Union (EU). Satici added: “Our country will become a highway linking world markets to the Caucasus and Central Asian and Middle Eastern countries.”