Global oil demand 'to rise 14% by 2035': IEA

Nov 09, 2011

Global oil demand is set to grow by 14.0 percent by 2035, pulled by China and emerging economies and the price could reach 120 dollars per barrel, the IEA said in its annual report on Wednesday.

"Without a bold change of policy direction, the world will lock itself into an insecure, inefficient and high-carbon energy system," the said.

"Growth, prosperity and rising population will inevitably push up energy needs over the coming decades," IEA executive director Maria van der Hoeven said.

"But we cannot continue to rely on insecure and environementally unsustainable use of energy," she added.

The agency estimated in its World Energy Outlook publication that for oil would total 99 million barrels per day in 2035, or 12 mbd more than in 2010, and said that the price could reach $120 per barrel despite current price volatility.

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rwinners
1 / 5 (2) Nov 09, 2011
"Without a bold change of policy direction, the world will lock itself into an insecure, inefficient and high-carbon energy system,"

A joke, yes? The world is already locked in this position and the conventional energy producers are winning the battle to keep it so.
unknownorgin
1 / 5 (2) Nov 10, 2011
It appears the this IEA is just another group like greenpeace. like everything else it takes a large amount of money to convert the infrastructure to other energy sources and it has to show a profit to expand.
rawa1
4 / 5 (1) Nov 10, 2011
Every international agency is sort of communism, because it's not driven with principles of free market. But the free market works as badly at the global level as the communism at the local level. There is no universal principle, which is working well at all levels - just a long term economy. But free market operates with real prices only, it doesn't care about future.