Monday, November 12, 2012

IEA Releases 2012 Energy Outlook

The International Energy Agency has released the 2012 edition of its World Energy Outlook. The document includes the IEA's long-range forecast for various energy sectors. Among the highlights...

• North America emerges as a net oil exporter by 2020, accelerating the switch in direction of international oil trade, with almost 90% of Middle Eastern oil exports being drawn to Asia by 2035

• global natural gas demand increases by 50% to 5 trillion cubic metres in 2035, with nearly half of the increase in production to 2035 coming from unconventional gas, mostly from the United States, Australia and China

• global coal demand increases by 21% and is heavily focused in China and India, but is contingent on the strength of policy decisions regarding lowe-emissions energy sources and trends in the price of coal relative to natural gas. 

• renewables become the world’s second-largest source of power generation by 2015 and close in on coal as the primary source by 2035, but need continued subsidies to do so.

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