Questions about the reliability, affordability and sustainability of our energy future often boil down to questions about investment. But are investors ready to commit capital in a fast-changing energy world? This special report in the World Energy Outlook series takes up this question in a full and comprehensive update of the energy investment picture to 2035 – a first full update since the 2003 World Energy Investment Outlook.
28 July 2014, DAWN
Ever since generating bold headlines globally when energy guru, dear friend, Fatih Birol pointed out while presenting the IEA World Energy Outlook 2012 that the US was on its way to overtake Saudi Arabia in crude output, the agency has been attempting to tame expectations. A year later, unveiling the WEO-2013 last November in London, Birol insisted on terming the US shale “a surge, rather than revolution.”
27 July 2014, Saudi Gazette
“I think not only in the United States, but also in Europe, many people believe that after the shale revolution, the importance of the Middle East is diminishing,” Birol told Houston Chronicle earlier this year. “I think this is not only wrong from an economic point of view, but also from a policy point of view. It is misleading.” The result of downplaying the significance of the Middle East could be substantial, he underlined.
18 July 2014, Forbes
Long held tenets of the oil and gas sector are being rewritten, but the Middle East remains central to the wider market, according to Dr Fatih Birol, Chief Economist and Director of Global Energy Economics at the International Energy Agency (IEA).
The global energy landscape is evolving at a rapid pace, reshaping long-held expectations for our energy future. The 2014 edition of the World Energy Outlook will incorporate all the latest data and developments to produce a comprehensive and authoritative analysis of medium- and longer-term energy trends. It will complement a full set of energy projections with strategic insights into their meaning for energy security, the economy and the environment. Oil, natural gas, coal, renewables and energy efficiency will be covered, along with updates on trends in energy-related CO2 emissions, fossil-fuel and renewable energy subsidies, and universal access to modern energy services. The WEO-2014 will also provide in-depth analysis of some topical energy sector issues:
Large differences in regional energy prices are set to affect industrial competitiveness, influencing investment decisions and company strategies. The extraordinary rise of light tight oil in the United States will play a major role in meeting global demand growth over the next decade, but the Middle East – the only large source of low-cost oil – will remain at the centre of the longer-term oil outlook. India is set to overtake China in the 2020s as the principal source of growth in global energy demand.
Bringing together the latest data and policy developments, the World Energy Outlook 2013 presents up to date, projections of energy trends through to 2035, fuel by fuel, sector by sector, region by region and scenario by scenario. Oil is analysed in-depth: resources, production, demand, refining and international trade. Energy efficiency is treated in much the same way as conventional fuels: Its prospects and contribution are presented in a dedicated chapter. The report examines the outlook for Brazil's energy sector and provides updates on three key areas of critical importance to energy and climate trends: (i) achieving universal energy access; (ii) developments in subsidies to fossil fuels and renewables; and (iii) the impact of energy use on climate change.
World Energy Outlook 2013 - special early reports:
WEO User Survey
Thank you to all WEO readers who participated in the online user survey. Your feedback was greatly appreciated. A random draw was held to determine the recipients of five copies of WEO-2014. Congratulations to the winners: Peter Knutzen, Bengt Johansson, Kevin Noone, Henk Reimink and Toshio Sagane!
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