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Rise in global energy demands ‘alarming,’ IEA says
Eric Reguly, Globe and Mail
Agency’s 675-page report urges ‘vigorous, immediate and collective policy action by all governments’ to avert climate crisis
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ROME — In an unusually grim and direct warning, the International Energy Agency has predicted that the “alarming” rise in energy demand will speed up climate change, threaten global energy security and possibly create a supply crunch that will send already high prices soaring.
The agency urged governments to embrace low-carbon economies to avert a genuine energy and climate crisis. “Vigorous, immediate and collective policy action by all governments is essential to move the world onto a more sustainable energy path,” said the IEA’s annual World Energy Outlook (WEO), a 675-page report, released this morning in London and Paris. “There has been so far more talk than action in most countries.”
In an interview before the report’s release, Fatih Birol, 49, the IEA’s chief economist and principal author of the WEO, called the report “the most pessimistic overview of the world [energy markets] we have ever portrayed.”
…The report barely mentions the Alberta oil sands, whose vast reserves are second only to Saudi Arabia’s. The omission was no accident. In spite of their size, the IEA thinks the oil sands will amount to little more than a global rounding error as demand, now about 85 million barrels a day, rises to a predicted 116 million barrels by 2030. “By 2015, the oil sands should produce about three million barrels a day,” Mr. Birol said. “That will be only about 3 per cent of total oil production. The oil sands will not, unfortunately, change the game.”
(7 November 2007)
Surge in oil prices not just speculation
Patrice Hill, Washington Times
Oil prices verging on $100 a barrel are the result of skimpy supplies colliding with strong growth in China, the United States and the rest of the world, and not just the work of speculators, the nation’s chief energy forecaster concluded yesterday.
That means gasoline prices could top a record $3.20 a gallon by the end of the year and $4 a gallon by spring, analysts say, creating a monumental energy crunch for consumers who also are facing double-digit increases in their home heating bills this winter. Regular gas prices passed back through the $3 barrier yesterday.
The International Energy Agency says that an even bigger worldwide energy crisis is possible within a few years because of rapid economic growth in China, India and other emerging countries and slow production increases by major oil exporters, which could lead to oil shortages by 2015.
(7 November 2007)
China and India is Expected To Fuel Growth in Energy Demand
Metin Gezen, Turkish Weekly
Today, IEA’s World Energy Outlook 2007 has been introduced to the public. The timing couldn’t be worse. The oil prices hit record highs, speculation, supply problems and demand growth dominates the energy news. In the midst of this chaos, presenting a report about future projections is like feeding wood to the already hot debates.
The high oil prices have raised doubts about whether world oil supply can see 100 million barrels a day. Some claim that it has already peaked, but the economists argue that as the prices rise, more investment will follow. Probably not in the short term!.
Unfortunately, more people agree on the less availability of easy oil. This increases the costs for exploration and development which already takes year to get something on stream. Even there is a chance(for some it is a certainty) that we may already passed the peak oil production.
(7 November 2007)
IEA forecasts for Indian, Chinese energy demand
Thomson Financial, AFX via Forbes
The International Energy Agency focused on the impact of soaring demand from Asian giants China and India in its 2007 World Energy Outlook.
Here are some key predictions by the energy watchdog.
(7 November 2007)
