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9 December 2011, Dagens Industri, Sweden

International Energy Agency chief economist Fatih Birol said that "Saudi Arabia is the central banker of the oil market and the decision that they will bring more oil to the market is definitely a good one", welcoming Saudi Minister Ali I. Al-Naimis view that Saudi Arabia is “reacting to market demand”. Read the full article on the Oil & Gas Journal site (registration required).

8 December 2011, China Daily

We assume that the structure of the oil and gas industry remains dominated by Russian state and private companies, the Paris-based IEA said Wednesday in its World Energy Outlook. "Despite intermittent signs from the government of a desire to open the Russian oil and gas industry to foreign investment, history suggests this is likely to be a slow process." Russia will need to invest an average of almost $58 billion a year in its oil and gas industry to 2035 to stem output declines and start new fields, it said. With this investment, oil production will plateau for the next five years at 10.5 million barrels per day and drop to about 9.7 million a day in 2035, the IEA said. Exports will also fall, declining to 6.4 million bpd from 7.5 million in 2010. In the gas industry, output will climb to 860 billion cubic meters in 2035 from 637 billion last year, and exports will rise "substantially" to about 330 bcm in 2035 from 190 bcm in 2010, the IEA said.

8 December 2011, The Australian Financial Review

Oil prices could reach $150 a barrel in a few years if new production is not brought on stream, the International Energy Agencys chief economist said today in Stockholm. Fatih Birol said that key Middle East and North African producers would be the overwhelming sources of new supply but that there were signs that governments were diverting investment away from oil. "So if the investment doesnt come through as much as we expect to see, this may give an additional boost to prices, and according to our analysis, we may see $150 (per barrel) around 2015," Birol told reporters.

8 December 2011, Bloomberg

The International Energy Agency (IEA) said a boost in Saudi oil output would provide welcome relief from the threat that high fuel prices pose to efforts to revive the global economy. The IEA has warned that benchmark Brent oil prices over $100 a barrel are a threat to the global economy. Brent traded at over $108 a barrel on Monday. The Saudi November output rise was timely, given low global oil inventories and poor output from non-OPEC oil producers, IEA chief economist Fatih Birol told a seminar in Australia on Monday. "OECD stock levels are at historically low levels, plus we are in a very fragile economic recovery situation," Birol said. "And higher prices than we have now can strangle economic recovery efforts worldwide, therefore the Saudi production boost currently and in the future will be very much welcomed."

7 December 2011, Zawya, United Arab Emirates

Oil could reach $150 a barrel in the years ahead without sufficient investment in the Middle East, the International Energy Agency (IEA) warns. In its latest World Energy Outlook, the group says factors such as the conflict in Libya and the economic slowdown have kept the price of oil relatively high over the year to date. North Sea Brent crude oil futures have averaged over $100 (£63) per barrel throughout 2011. The IEA predicts further upward pressure will come from increased demand in the years ahead. Oil demand is tipped to rise from 87m barrels a day in 2010 to 99m a day by 2035, driven by transportation in emerging economies. The outlook also says questions over the future use of nuclear energy have been raised by the Fukushima Daiichi emergency in Japan and coal’s prospects are hampered by the regulatory and technical barriers to more efficient power plants and carbon capture and storage facilities.

7 December 2011, Scientific American

World oil prices may jump to US$150 a barrel if current investment levels are not maintained in the Middle East and North Africa. This is according to the International Energy Agency (IEA), which held its annual world energy outlook seminar in Singapore yesterday. Dr Fatih Birol, the chief economist at IEA, told MediaCorp that oil producing countries need to spend US$100 billion (S$130 billion) per year on upstream investment and production over the next four years to ensure output meets demand. Demand is growing fastest in emerging economies including China, he added.

7 December 2011, Scientific American

The chief economist of the International Energy Agency, Fatih Birol, said it would be "virtually impossible" to limit global temperature rises to 2C unless carbon capture and storage were a part of the energy mix.

6 December 2011, Time Magazine

Presenting the 2011 World Energy Outlook today in Istanbul, International Energy Agency Chief Economist Dr. Fatih Birol said that the world may well be entering a “golden age of natural gas” and that Australia would replace Qatar as the world’s largest gas producer within the next 10 years. The positive natural gas supply prospects represent an important opportunity for importing countries such as Turkey. “Envisaging lower gas prices, Turkey should utilize well the chance to renegotiate its long-term contracts”, Birol added.

6 December 2011, Reuters

We assume that the structure of the oil and gas industry remains dominated by Russian state and private companies, the Paris-based IEA said Wednesday in its World Energy Outlook. "Despite intermittent signs from the government of a desire to open the Russian oil and gas industry to foreign investment, history suggests this is likely to be a slow process." Russia will need to invest an average of almost $58 billion a year in its oil and gas industry to 2035 to stem output declines and start new fields, it said. With this investment, oil production will plateau for the next five years at 10.5 million barrels per day and drop to about 9.7 million a day in 2035, the IEA said. Exports will also fall, declining to 6.4 million bpd from 7.5 million in 2010. In the gas industry, output will climb to 860 billion cubic meters in 2035 from 637 billion last year, and exports will rise "substantially" to about 330 bcm in 2035 from 190 bcm in 2010, the IEA said.

5 December 2011, Engineering News

International Energy Agency chief economist Fatih Birol, visiting Australia this week to brief government and industry representatives on the global energy outlook, said Australias coal exports are expected to rise by 20 percent to 300 million tons annually by 2020. "Australia is gearing up for a massive export-focused expansion," he said. Australia needs new port infrastructure to avoid persistent bottlenecks in exporting coal, Birol said. In its recent Global Energy Outlook for 2011, IEA said coal has met nearly half of the increase in the worlds energy demand over the last decade and it expects that figure to increase to 65 percent by 2035.