10 November 2010, El Correo, Spain
The IEA declares “The era of cheap oil is over”. The IEA forecast that, by 2035, despite large investments in alternative sources of energy, crude oil will remain the dominant fuel of choice, and China will firmly establish itself as the largest consumer of energy.
10 November 2010, Financial News, Korea
In WEO 2010, the IEA forecast that between 2008 and 2035 the global total primary energy supply will increase by 36% and the GHG emissions will increase by 21%. In addition, the “international” price of crude oil will increase to 113 USD / barrel, but the price of natural gas will fall due to over-production. The IEA further forecast that the in the energy mix, the share of crude oil will fall from 33.0% to 28% and nuclear from 8.0% to 6.0%; however, renewable will increase from 7.0% to 14.0%. By 2035, China, whose energy demand was half of that of the United States in 2000, will be the largest consumer of energy, accounting for 22% of the world’s total energy consumption.
10 November 2010, Business Day, South Africa
IEA chief economist Fatih Birol said that the world was entering a "golden age of gas" because of surging production of shale gas using new technology developed in the United States. He said that the IEA was now predicting a global surplus of the fuel of about 150 billion cubic metres annually in the years ahead, equivalent to 5 per cent of world demand. Modest gas prices will in turn have a negative impact on many alternative fuels, including renewables and nuclear energy," he said. Compared with nuclear energy for example, ’’The advantage of gas is that you have a very low capital cost compared with nuclear’’, he added.
10 November 2010, The Australian
Many states massively subsidise the use of coal, oil, gas or electricity, as the recently published World Energy Outlook 2010 of the International Energy Agency (IEA) shows. Providing its nationals with cheaper gasoline or subsidised electricity costs 25 developing and emerging countries overall a total of USD 312 billion, as the IEA highlighted in this year’s annual publication. These substantial subsidies have many negative side effects for these countries as they are extremely costly and incite wasteful use.
10 November 2010, Süddeutsche Zeitung
Chinese energy use was only half that of the United States in 2000. The increase in China’s energy consumption between 2000 and 2008 was more than four times greater than in the previous decade. Prospects for further growth remain strong, given that China’s per-capita consumption level remains low, at only one-third of the OECD average, and that it is the most populous nationon the planet, with more than 1.3 billion people.
10 November 2010, CBN, China
Oil demand and price are set to grow steadily over the next 25 years despite environmental policies, essentially dooming climate-change goals, the International Energy Agency forecast Tuesday. Even under climate change pledges made under the Copenhagen Accord, fossil fuels will still account for over half the increase in total energy demand, the IEA said.
10 November 2010, People’s Daily, China
Cheap gas can have negative consequences for the Netherlands, IEA chief economist Fatih Birol said while in the Netherlands to present the 2010 World Energy Outlook: "the golden age for oil is over; the golden age for gas is coming". "Crude oil peaked in 2006" and "cheap gas will crowd out renewables", he added. "China will invest in renewables, because it wants to be less dependent on expensive oil, because cities suffer from pollution and because it wants to invest in new technologies. The west can profit from technological breakthroughs in renewables in China", Birol said.
10 November 2010, New York Times
The International Energy Agency expects a re-shuffling of roles among the main global oil producers. According to the Agency’s experts, OPEC will take its revenge; its share of oil supply will increase from 41% to 52% in 2035 thanks to growing production in Saudi Arabia and Iraq. The oil cartel hasn’t seen such a market share since the times of the first oil shock in 1973-1974. Saudi Arabia overtakes Russia as the world’s largest oil producer.
10 November 2010, Vremya, Russia
Oil demand and price are set to grow steadily over the next 25 years despite environmental policies, essentially dooming climate-change goals, the International Energy Agency forecast on Tuesday. Even under climate change pledges made under the Copenhagen Accord last year, fossil fuels will still account for more than half the increase in total energy demand, with oil to remain the dominant fuel, the IEA said in its World Energy Outlook report. It forecasts demand for oil to rise by 18 per cent between 2009 and 2035, driven by developing countries, with nearly half the increase due to China alone.
10 November 2010, Vedemosti, Russia
Ringing the alarm bells’. That is how Fatih Birol, Chief Economist of the International Energy Agency, sums up the underlying message coming from the new 2010 edition of the World Energy Outlook (WEO), annual flagship publication of the International Energy Agency (IEA), published on Tuesday. To Birol it is clear that governments should take action – for example, to give financial support to renewable energy, to stimulate the development of electric cars and to do everything they can to wean their populations off their oil addiction. Contrary to some news reports, the WEO does not predict the imminent appearance of “peak oil”, but it does recommend, as Birol confirms, that the countries of the OECD make sure that oil production does peak as soon as possible.