energy Russia energy china flag

World Energy Outlook

24 November 2014, Breaking News Trinidad and Tobago

The IEA Chief Economist, Dr. Fatih Birol, warned that current supply/demand dynamics in the global oil market run the risk of instilling a dangerous level of complacency around future oil supply that could lead to a sharp and unexpected tightening in the future oil balance. In particular, Dr. Birol pointed to current strong growth in US tight oil as only a “temporary” phenomenon and that the Middle East will become even more important for global oil supply growth in the long term.

21 November 2014, USA Today

It's not just prices that are a problem, either — but supply. While there are some new pipeline projects set for the EU, most are designed to push energy to only certain countries in the region. And with few other solutions on the horizon, some experts worry the EU will be hit by a major energy shortage in the future. "We are, in Europe, facing the risks of the lights going out soon," Fatih Birol, the International Energy Agency's chief economist, said recently.

21 November 2014, Hurriyet Daily News

Fatih Birol’s assessment of 2020 energy forecasts was even more surprising. The Chief Economist of International Energy Agency predicted that the calm in the oil markets will not stay forever. He also stressed the need for urgent and significant investment in the Middle East now in order to supply the 2020 demands. Birol says China will eventually leave dirty coal and its economy has already shown signs of slowing down.

20 November 2014, National Geographic

The International Energy Agency (IEA) has released its World Energy Outlook (WEO) 2014report, which for the first time provides energy trend projections through the year 2040. Among the key challenges in the next two and a half decades is, a 37 percent rise in global energy demand, driven mainly by emerging markets in Asia, Africa, the Middle East and Latin America. Asia will account for 60 percent of global growth in demand, and by early 2030s, China may surpass the U.S. as the world’s largest oil consumer.

20 November 2014, Handelsblatt

In spite of rising greenhouse gas emissions, the International Energy Agency (IEA) sees signs of hope for a global climate treaty . “The agreement between Barack Obama and Xi Jinping is cause for optimism”, said IEA chief economist Fatih Birol, presenting the latest World Energy Outlook on Wednesday in Berlin . According to the report, the rapid increase in climate-damaging coal consumption in China is set to come to a standstill from 2020 but more needs to be done. The World Climate Conference in 2015 in Paris must bring the crucial signal for a shift in investments in energy supply. "We are on a dangerous path ," Birol said, "and Paris is our last chance."

19 November 2014, Turkish Weekly

China will lead growth in the nuclear energy sector in the future followed by India and the U.S., Fatih Birol, Chief Economist at International Energy Agency said Tuesday. Birol made the remarks at the World Energy Outlook Conference in Copenhagen.

18 November 2014, The Wall Street Journal

The International Energy Agency's chief economist said Monday that Arctic, offshore and unconventional oil projects are facing major challenges with the current international oil prices at around $80 a barrel, and warned that oil companies may revise spending downward, potentially hurting future supply.

18 November 2014, Les Echos

OPEP: une reunion tres attendue face a la chute du Brent. Au cours de sa presentation du World Energy Outlook la semain derniere, le chef economiste de l' AIE Fatih Birol a indique qu' il y avait "deja des signes de baisse de 10% des depenses d' investissements aux Etats-Unis de la part des compagnies petrolieres."

16 November 2014, The Hindu BusinessLine

Speaking to BusinessLine from London after release of IEA’s World Energy Outlook 2014, Chief Economist of Paris-based International Energy Agency (IEA) Fatih Birol said, “Softening of oil prices is good news for import-dependent countries like India. But, this comfort zone may not last forever. There will be downward pressures on investments (upstream) even as demand for oil increases. This may result in prices rising again.”

16 November 2014, The Moscow Times

"Sanctions plus current price levels may mean that financing of new projects may be a bigger challenge than previously anticipated," the IEA's chief economist Fatih Birol said last week as he presented the agency's World Energy Outlook 2014. In the long-run, both IEA and OPEC expect oil prices to climb back to around $100 per barrel but predict that this may not happen until well into 2015 and are doubtful the previous records of over $110 per barrel are likely to be achieved soon.