Nov 24, 2011
The latest annual energy outlook by the International Energy Agency, though not radically different from earlier editions in broad outline, nonetheless paints a very dramatic picture of the next quarter century.
The global oil market will remain tight, with prices trending toward $120 per barrel, and with all new net demand coming from the transport sector in rapidly developing countries. Though Russia's role as an oil producer and exporter will decline somewhat, its position in natural gas will be more pivotal than ever, with a fast-growing share going to China and a somewhat shrinking share to Europe. So crucial is the role of Russia, the report contains for the first time a special section devoted to it and has posted that section, in Russian, on the report's homepage.
Like previous outlooks, this one distinguishes between a business as usual scenario and a New Policies Scenario in which governments generally try to curtail consumption of fossil fuels and promote green energy; it appears to consider the New Policies Scenario (NPS) the more likely one. Even in NPS, however, fossil fuels remain dominant for the next 25 years and renewables continue to account for only about 10 percent of total world primary energy demand, thought their share of electricity production grows sharply.
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