Oil will remain the main fuel for the next 25 years

The world will lock itself into an "unsafe, inefficient, high-carbon energy system" unless "decisive action" is taken, the International Energy Agency has warned.

If investment in the Middle East and North Africa falls by only a third between 2011 and 2015, oil prices could soon reach $150 a barrel. The scale of the problems in the energy sector is increasing," said Maria van der Hoeven, executive director of the IEA, referring to the Fukushima disaster in Japan and the revolutions in the Middle East.
The world must recognize that energy demand will increase. The IEA predicts that primary energy demand will increase by a third between 2010 and 2035, with 90 percent of the growth outside the 34 developed countries that make up the Organization for Economic Cooperation and Development.
"Global energy demand will grow very rapidly, especially in developing countries," said Fatih Birol, IEA chief economist. ," said IEA chief economist Fatih Birol. China will consolidate its position as the world's largest energy consumer, and is expected to consume 70 percent more energy than the United States by 2035. The share of fossil fuels in global consumption will fall from 81 percent now, to 75% in 2035. According to the IEA, oil will remain the most important fuel for the next 25 years, and oil demand will increase from 87 million b/d in 2010 to 99 million b/d in 2035, with growth in the transportation sector, and emerging economies.
The current vehicle fleet stands at 800 million, and the agency expects this figure to more than double to 1.7 billion in 2035. The IEA predicts that half of the world's oil demand will come from China, mainly due to the country's increasing motorization. Most of the oil will come from the Middle East and Africa.
Meanwhile, coal use, which accounts for nearly half of the growth in global energy demand over the past decade, will grow by 65 percent by 2035.
The IEA has also modeled the situation in the world if energy supply from nuclear power plants is halved. Such a development could lead to increased imports and energy security, but would create difficulties and increase the cost of combating climate change.

According to the foreign press for ForTrader.ru