13 November 2008, The Economist
The world will use more renewable sources to produce electricity.
13 November 2008, The Wall Street Journal
Production at the worlds oil fields will decline faster in coming years, putting more pressure on future oil supplies, the International Energy Agency said on Wednesday. As current fields fade with age and the industry moves offshore and into smaller fields, decline rates will accelerate, the agency found, and more investment will be required to make up the shortfall.
13 November 2008, Caijing Magazine, China
International Energy Agency (IEA)s 2008 World Energy Outlook (WEO) said the era of cheap oil is over. The ever worsening financial crisis could possibly bring economic recession which reduces oil demand and leads to falling prices. Henceforth, the energy price in the next two years will experience great volatility, however, considering the fundamental factors, the era of cheap oil is over.
13 November 2008, Xinhua News Agency, China
International Energy Agency (IEA)s 2008 World Energy Outlook (WEO) said the world is facing with twin energy challenges. The future of human prosperity depends on how successfully we tackle the two central energy challenges facing us today: securing the supply of reliable and affordable energy; and effecting a rapid transformation to a low-carbon, efficient and environmentally benign system of energy supply. The report mentions that the world needs an energy revolution.
12 November 2008, The Times
Fresh sources of oil equivalent to the output of four Saudi Arabias will have to be found simply to maintain present levels of supply by 2030, one of the worlds leading energy experts has said. Fatih Birol, chief economist of the International Energy Agency (IEA), the developed worlds energy watchdog, told The Times that the depletion of existing oilfields meant that vast new investments would be required to satisfy the demand for oil.
12 November 2008, The Guardian
The International Energy Agency is to call today for an energy revolution and a "major de-carbonisation" of global fuel sources as the world confronts tighter oil supplies caused by shrinking investment. The energy watchdog is warning for the first time that oil output could pass its peak as power shifts from "super-majors" to national companies controlled by producer states. It highlights a potential oil-supply crunch.
12 November 2008, Reuters
The world will have to bet on extreme measures to avoid serious global warming, the International Energy Agency said on Wednesday, adding to growing worries that governments have under-estimated the problem. The world will have to suck greenhouse gases out of the atmosphere because it was too late to rely on gradual curbs in heat-trapping greenhouse gas emissions, it said.
12 November 2008, Associated Press
The International Energy Agency on Wednesday called for massive investment in producing more oil to prevent a supply squeeze in coming years, saying energy demand will rise 1.6 percent a year on average between 2006 and 2030. The IEAs base scenario for energy demand has fallen due to the global economic slowdown and higher oil prices, but the agency stressed that a delay in spending on new projects due to the credit crisis could lead to a "supply crunch that could choke economic recovery."
12 November 2008, AFP
The International Energy Agency warned that dwindling crude reserves were pivotal to prices. "The key determinant in the years to come is the oilfield decline more than demand," IEA chief economist Fatih Birol told a news conference in London at which he unveiled the agencys latest World Energy Outlook report.
12 November 2008, The Guardian
While market imbalances will feed volatility, the era of cheap oil is over, warned Nobuo Tanaka, executive director of the IEA. The IEA also called for a "major de-carbonisation" of global fuel sources, insisting the financial turmoil was not an excuse for ignoring environmental considerations. "The need to address climate change will require a massive switch to high-efficiency, low-carbon energy technologies," it said.