Wednesday, November 12, 2008

IEA predicts huge disruptions between now and 2015

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.
clipped from www.guardian.co.uk
Oil wells

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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