Global oil demand and supply is projected to rise from 84m barrels a day to 106m in 2030.
NVDL: Personally I doubt whether global oil supply will even reach 90mbpd.
At a time when we need to be investing in cleaner fuels, it will be particularly difficult when we don't have enough fuel - period - to use, let alone spare energy capacities to deploy in service of starting up alternative infrastructure.
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 IEA's latest World Energy Outlook predicts that global energy demand will increase 45% between now and 2030 and oil prices will rise to $200 a barrel by then - or $120 at 2007 prices.
It says the recent surge in prices to just shy of $150 this summer has highlighted the "ultimately finite" nature of oil and gas reserves.
"Expanding production in the lowest-cost countries will be central to meeting the world's needs at reasonable cost."
The IEA warns bluntly: "There remains a real risk that under-investment will cause an oil-supply crunch in that timeframe."
It says that, on current trends, greenhouse gas emissions will rise by 45% to 41 gigatonnes (Gt) in 2030, with three-quarters of the increase coming from China, India and the Middle East as urbanisation there grows exponentially.
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