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World Energy Outlook

Forbes

18 July 2014
Source: 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).

Penn Energy

18 July 2014
Source: Penn Energy

The European thermal power plant market is “almost uninvestable” at the moment according to Fatih Birol, chief economist of the International Energy Agency. But he warned that this situation would have to change as he predicts 100 GW of new thermal power will be needed in Europe by 2025 to “safeguard reliability”.

Bloomberg

17 July 2014
Source: Bloomberg

Manufacturers of petrochemicals, aluminum, fertilizers and plastics are leaving Europe to take advantage of booming U.S. production of natural gas from shale rock formations, Fatih Birol, chief economist for the International Energy Agency, a Paris-based adviser to 29 nations, said at a conference in London today.

ABC

14 July 2014
Source: abc

Fatih Birol, chief economist of the International Energy Agency, said: "The issue is to convince the world that the future is as important as the present. Paris 2015 may well be our last hope." Despite the global agreement to stay below 2°C, the world is on a path that, without action, will lead to an increase of 4°C or more. The Intergovernmental Panel on Climate Change said in its Fifth Assessment Report, known as AR5, that such a rise might exceed the world's ability to adapt.

Al Jazeera

8 July 2014
Source: Al Jazeera

While more optimistic than recent grim reports from the U.N.’s Intergovernmental Panel on Climate Change, which foresee a planet and human civilization mutilated by climate change, the scientists behind the DDPP stressed the urgency of action. “The issue is to convince the world that the future is as important as the present. Paris 2015 may well be our last hope,” said Fatih Birol, the International Energy Agency’s top economist.

Business Standard

2 July 2014
Source: Business Standard

With its large population, low per capita income and energy consumption, future economic growth and limited domestic resources, India will be a central player in global energy over the next few decades. A new special report by the Paris-based International Energy Agency (IEA) on the prospects and issues in global energy investment till 2035 accordingly provides compelling reading for those interested in the energy choices facing India, and the country’s place in the global energy landscape.

All Africa

1 July 2014
Source: All Africa

The trio of Fatih Birol, Rabia Ferroukhi, and Aleagha, in their paper titled, "The Economic Impact of Subsidy Phase Out in Oil Exporting Developing Countries: A Case Study of Algeria, Iran, and Nigeria," maintained that subsidy, irrespective of whether it is given to the consumer (at the pump) or to the producer (refineries) adversely affects the economy.

Seeking Alpha

1 July 2014
Source: Seeking Alpha

While prices are expected to stabilize in the short term, all indications show that they may increase in the long term, making it painfully difficult for oil marketers without sufficient scale to make sizable profits. According to a new special report by the International Energy Agency (IEA) dubbed "World Energy Investment Outlook", global oil prices at their current range of between $90 and $110, despite being seemingly high, are still too low to sufficiently sustain producers' costs of tackling ever-more challenging geology.

Investment and Pensions Europe

1 July 2014
Source: Investment and Pensions Europe

We’re still on track for runaway climate change, according to Fatih Birol, chief economist of the International Energy Authority. Birol says: “Current energy trends are not sustainable,” with a rider that “there is a need to change course in a dramatic way,” and that “gradual change will not be enough to change the track we are following”.

International Business Times

30 June 2014
Source: International Business Times

Fatih Birol, the IEA's chief economist, warns of a serious setback for the oil market if there is any interruption to the planned investments in Iraq.

Forbes

29 June 2014
Source: Forbes

The consequences of this scale of electricity deprivation are, in the words of Fatih Birol, Chief Economist at the IEA, “unacceptable.” Of the 25 nations at the bottom of the U.N. Human Development Index, 24 are in Africa. Africa confronts rapid population growth, extreme poverty, high illiteracy rates, malnutrition, inadequate water supply, poor sanitation, and bad health.

The Financial Express

29 June 2014
Source: The Financial Express

According to the Energy Poverty Action Initiative of the World Economic Forum, "Access to energy is fundamental to improving quality of life and is a key imperative for economic development''. Also ''lacking access to energy affect health, well-being and income'', says Fatih Birol, the chief economist of the International Energy Agency (IEA).

DAWN

23 June 2014
Source: DAWN

Fatih Birol, chief economist of the Paris-based IEA, told a workshop on the report in Beijing that China has made “outstanding efforts” to increase energy efficiency and reduce coal use to meet global climate targets.

ECNS

20 June 2014
Source: ECNS

Fatih Birol, chief economist of IEA, said China is making an outstanding effort to increase energy efficiency and reduce coal use in reaching global climate targets during a workshop on world energy investment outlook in Beijing.

ECNS

20 June 2014
Source: ECNS

Fatih Birol, chief economist at the International Energy Agency, said China has extensive cooperation in the oil sector with Iraq and he hopes this will not be affected by the insurgency.

ECNS

20 June 2014
Source: ECNS

Fatih Birol, chief economist of the Paris-based IEA, told a workshop on the report in Beijing that China has made "outstanding efforts" to increase energy efficiency and reduce coal use to meet global climate targets.

Bloomberg Businessweek

17 June 2014
Source: Bloomberg Businessweek

“Baghdad to Beijing is the new Silk Road of the global oil trade—oil from Baghdad and capital investment from Beijing,” Fatih Birol, chief economist at the IEA, told Bloomberg Businessweek in January 2013.

The Toronto Star

17 June 2014
Source: The Toronto Star

Fatih Birol, chief economist at the IEA has said many times that if we don’t act rapidly on climate change, the results will likely be disastrous not only for the economy, but for humanity in general.

World Bulletin

13 June 2014
Source: World Bulletin

Fatih Birol, Chief Economist at the International Energy Agency, said that around US$1.6 trillion was invested in 2013 to provide consumers with energy. “Although there has been an increase on investments in the last decade, it is still for the last three years,” he added.

The Energy Collective

13 June 2014
Source: The Energy Collective

IEA Investment Report: What is Right, What is Wrong

ESI Africa

12 June 2014
Source: ESI Africa

Meeting the world’s growing need for energy will require more than US$48 trillion in investment over the period to 2035, according to a special report on investment released today by the International Energy Agency (IEA) as part of the World Energy Outlook series.

Sydney Morning Herald

7 June 2014
Source: Sydney Morning Herald

Fatih Birol, chief economist of the International Energy Agency, told Fairfax Media the world is on course for the high end of that range - at least 3.6 degrees of warming - on current energy investment patterns. About $4 is spent on the extraction, transport and combustion of coal, gas and oil for every dollar spent on solar, wind and other renewables, the IEA said.

Clean Technica

5 June 2014
Source: Clean Technica

Meeting the world’s growing need for energy will require more than $48 trillion in investment over the period to 2035, according to a special report on investment released [this week] by the International Energy Agency (IEA) as part of the World Energy Outlook series.

The Times

4 June 2014
Source: The Times

The world needs to invest more than $48 trillion by 2035 to meet global energy demand and prevent oil prices spiralling out of control, according to the International Energy Agency.

The Telegraph

4 June 2014
Source: The Telegraph

Europe is at serious risk of power blackouts and may lose control of energy security without a radical overhaul of its shambolic policies, the world’s top energy watchdog has warned. “In Europe we are facing the risk of the lights going off. This is not a joke,” said Fatih Birol, the International Energy Agency’s chief economist

Sydney Morning Herald

4 June 2014
Source: Sydney Morning Herald

About $US300 billion ($325 billion) in fossil-fuel assets, such as coal, could be left in the ground due to efforts to combat climate change, according to International Energy Agency chief economist Fatih Birol.

PressTV

4 June 2014
Source: Press TV

The International Energy Agency (IEA) says that, in order to meet rising global energy needs, more than USD 48 trillion must be invested in the energy sector by 2035.

NASDAQ

3 June 2014
Source: NASDAQ

A top energy watchdog said the world will need more Middle Eastern oil in the next decade, as the current U.S. boom wanes. But the International Energy Agency warned that Persian Gulf producers may still fail to fill the gap, risking higher oil prices.

India Times

3 June 2014
Source: India Times

The IEA urged for new forms of investment to be exploited, and suggested that institutional investors, such as pension funds and insurers, could be vital as a source of long-term funds. It also predicted that oil investment would shift towards the Middle East as non-OPEC supplies run out, and that gas prices around the world should converge given the boom in investment.

CNBC

3 June 2014
Source: CNBC

Countries must invest nearly $50 trillion to meet the world's energy needs over the next 21 years, the International Energy Agency (IEA) reported on Tuesday.

The Telegraph

3 June 2014
Source: The Telegraph

World needs $48 trillion of investment by 2035 to keep the lights on says IEA

Reuters

3 June 2014
Source: Reuters

The world will need to invest $40 trillion in energy supply and $8 trillion on energy efficiency by 2035 to meet growing demand and falling output from mature sources of energy, the International Energy Agency (IEA) said in a report.

Bloomberg

3 June 2014
Source: Bloomberg

Energy Supply Requires $40 Trillion Investment to 2035, IEA Says

CNN Money

3 June 2014
Source: CNN Money

The lights could be going out across Europe unless it finds a way to stimulate massive new investment in energy infrastructure. That's the stark warning contained in a new study by the International Energy Agency

New York Times

3 June 2014
Source: New York Times

Enormous amounts of capital investment — up to $2.5 trillion a year — will be needed to supply the world’s energy needs through 2035, according to a report released Monday by the International Energy Agency, the intergovernmental organization based in Paris.

Platts

3 June 2014
Source: Platts

IEA warns of tighter oil markets if Middle East investment fails to pick up

Balkans Business News

3 June 2014
Source: Balkans Business News

Meeting the world’s growing need for energy will require more than $48 trillion in investment over the period to 2035, according to a special report on investment released today by the International Energy Agency (IEA) as part of the World Energy Outlook series.

Globe and Mail

3 June 2014
Source: Globe and Mail

Rising costs of production threaten energy profits, IEA warns

Sydney Morning Herald

3 June 2014
Source: Sydney Morning Herald

Global investment in fossil-fuel energy continues to outpace new spending on renewable sources, leaving the world on track for temperature increases of at least 3.6 degrees, according to a new report by the International Energy Agency.

Platts

20 May 2014
Source: Platts

The US shale gas and oil boom of recent years is "very profound, but sometimes taken out of proportion," International Energy Agency chief economist Fatih Birol said at the Flame conference in Amsterdam Tuesday. Birol said that of the projected reduction in US oil imports from Tuesday to 2035, while 35% was expected to be the result of changes in oil supply, with more oil produced at home, and 8% from oil switching to gas, some 57% would be the result of demand-side policies.

Platts

10 April 2014
Source: Platts

Despite the expected growth of US LNG exports, Europe has "no hope" of seeing gas prices near US levels due to transportation costs, Fatih Birol, the International Energy Agency's chief economist said Thursday.

Business Week

13 March 2014
Source: Business Week

Subsidies mess with the law of supply and demand, discouraging investment in both alternative energy and fossil fuel exploration. “It’s a failed policy,” says Fatih Birol, chief economist for the International Energy Agency (IEA), “but we see that many countries continue to follow it.”

Downstream Today

26 February 2014
Source: Downstream Today

The U.S. shale revolution has helped reshape the global energy market, but Middle Eastern oil will remain vital for meeting future Asian energy demand, Fatih Birol, chief economist for the International Energy Agency (IEA), told attendees Feb. 21 at an event at Rice University in Houston.

Mother Jones

13 February 2014
Source: Mother Jones

Europe's hydrocarbons production is in decline," noted Fatih Birol, the chief economist at the International Energy Agency, but "there may be some opportunities…to slow down and perhaps reverse some of these trends"—notably by imitating the "revolution in hydrocarbon production" now under way in the United States.

The Jordan Times

12 February 2014
Source: The Jordan Times

The IEA’s chief economist told Reuters on the sidelines of the World Economic Forum in Davos that Europe’s high gas prices risk driving away a big share of its energy-intensive industries such as cement and steel unless countries boost shale gas output and trim green subsidies. “These industries are critical for the European economy as they employ over 30 million people and it could have a major knock-on effect on the European Union economy,” the IEA’s Fatih Birol said.

The Telegraph

10 February 2014
Source: The Telegraph

Only last week Fatih Birol, the top forecaster at the International Energy Agency, told the Daily Telegraph that shale won't deliver the cheap energy utopia for Britain that some members of government have promised. Mr Birol instead argues that nuclear could provide a better long term option for the UK than fracking.

The Chronicle Herald

4 February 2014
Source: The Chronicle Herald

Fatih Birol of the International Energy Agency likened the energy sector to a long-running Broadway play where suddenly “the roles and scripts of the energy actors are being extensively rewritten.”

The Telegraph

3 February 2014
Source: The Telegraph

I spoke to Fatih Birol, chief economist at the International Energy Authority (IEA), who is often described as the world’s leading forecaster in this field. He has been telling anyone in Europe willing to listen that the continent faces a major crisis of competitiveness because of high energy prices. “This year is critical,” he told me. “I don’t see many such junctures in the economic history of Europe in which energy could play such a critical role for the long-term prosperity of the European people.”

Wall Street Journal

3 February 2014
Source: Wall Street Journal

"Natural gas prices in Europe are three times more expensive than in the U.S., and in Japan five times more expensive. Such differences will narrow, but will remain important until 2035. The same goes for electricity prices" Birol said at a conference on energy and competitiveness organized by IE Business School in Madrid.

Reuters

3 February 2014
Source: Reuters

"Europe needs to pay more attention to the competitiveness agenda while keeping the climate agenda alive," Birol said.

Bloomberg

30 January 2014
Source: Bloomberg

The International Energy Agency's chief economist Fatih Birol says Europe faces at least another 20 years of high gas and electricity prices, and will lose a third of its global market share of energy-intensive exports, mainly to the U.S. with its newly abundant supplies of oil and gas.

The Telegraph

30 January 2014
Source: The Telegraph

"The UK has significant shale gas resources but people shouldn't expect a US scale energy revolution in the UK," Fatih Birol, chief economist and director of global energy economics at the International Energy Agency told The Telegraph in an interview on Thursday.

Financial Times

30 January 2014
Source: Financial Times

Fatih Birol, the IEA's chief economist, said environmental policies alone had not pushed up energy costs but the price gap between the EU and the US was going to last much longer than some expected. “This is a new thing and it’s structural. It’s not a one-off,” he told the Financial Times.

ECNS

26 January 2014
Source: ECNS

The exploration of shale gas is a revolution, and is changing global energy picture, chief economist of the International Energy Agency Fatih Birol said in a recent interview.

CNBC-TV18

23 January 2014
Source: CNBC-TV18

With the global energy landscape changing, mainly due to US shale gas revolution and also Brazil turning into oil exporter there will be sea change in the trade of oil and gas which could have different impact on different countries world over feels Fatih Birol, Chief Economist, IEA.

The Energy Collective

22 January 2014
Source: The Energy Collective

If Europe Had One Voice, Energy Prices Could be Reduced," Claims IEA's Fatih Birol

Nikkei

20 January 2014
Source: Nikkei

Fatih Birol, chief economist of IEA, pointed out that Japanese industries, such as Iron and Steel and petrochemical, couldn’t keep competing internationally if much higher electricity prices should continue with zero nuclear power. He also showed his projection that Japan would need to pay an additional 1.3 trillion yen per year for import bills to compensate zero nuclear with increased fuel imports. There are expectations in Japan that shale gas from the U.S. might replace nuclear, but Dr. Birol warned not to expect too much even if it is realized, considering its associated costs such as transporting.

The Economist

11 January 2014
Source: The Economist

It is the growing cost of subsidies, rather than worries about climate change, that explains the renewed interest in cutting them, says Fatih Birol at the International Energy Agency (IEA). They have become unaffordable as global oil prices have more than doubled between 2009 and 2012. In Jordan, for instance, their cost increased more than tenfold in just two years. And in many other countries they now account for more than 5% of GDP.

Edmonton Journal

31 December 2013
Source: Edmonton Journal

Fatih Birol, IEA’s chief economist, says OPEC will have gained $1.2 trillion in oil exporting revenue in 2013, or about 50 per cent more than in 2007. In the same time span, the cartel’s production has increased by less than five per cent, or just 1.4 mmbpd since 2007.

Balkans Business News

23 December 2013
Source: Balkans Business News

Turkey’s energy imports bill is expected to reach $80 billion by 2020 so Turkey must create alternative ways to meet its increasing energy demand, chief economist of the IEA, Fatih Birol, told Anadolu Agency. He added that he believed Turkey would be the most important energy hub in the world in the coming five years.

Daily Finance

14 December 2013
Source: Daily Finance

Addressing pollution is one of China's top priorities. Last week, however, states of emergency were declared to cope with the smog. But the problem isn't China's alone. Though natural gas accounts for the bulk of the energy mix in Southeast Asia, the IEA's chief economist Fatih Birol warned the region's economy was moving from green to black because of the abundance of cheap coal.

Business Insider

13 December 2013
Source: Business Insider

Fatih Birol is one of those people who run the world without the man in the street ever having heard of them. From a discreet office in Paris, he keeps an ever-sensitive finger on the world's pulse.

Forbes

12 December 2013
Source: Forbes

The International Energy Agency’s World Energy Outlook 2013 highlighted the danger – current energy consumption puts the world on course for an increase in average temperatures of 3.6°C, far in excess of the 2°C the international community is aiming for. To have any hope of meeting the 2°C, we need to leave two thirds of current fossil fuel reserves underground, the IEA says.

Nobel Week Dialogue

9 December 2013
Source: Nobel Week Dialogue

Birol described how, thanks to Brazil’s aggressive push into biofuels means that the discovery of large offshore oil reserves will turn it into a significant exporter, instead of selling that oil consumed domestically. Meanwhile, projections suggest that Mid-Eastern countries are on track to consume as much energy in 2030 as China does today.

Huffington Post

9 December 2013
Source: Huffington Post

The just-published "World Energy Outlook 2013" by the Paris-based International Energy Agency provides us with an authoritative assessment of trends and systemically significant developments in global energy. They serve as the basis for projections of where we will be in 2035 that are presented in three scenarios. Their forecasts highlight noteworthy changes in current patterns of supply and demand. Yet, the report envisages a relatively high degree of stability in aggregate balances and, therefore, in prices even as the mix of sources of energy undergoes a significant shift as does shares of demand among regions.

Arstechnica

9 December 2013
Source: Arstechnica

In the morning session, the person at the International Energy Agency who produces its World Energy Outlook reports, Fatih Birol, gave an overview of the global energy economy. If there were any theme to the discussion, it was that the things you thought you knew simply aren’t true anymore. Or, as Birol put it, former importing countries are becoming major energy exporters.

The Jerusalem Post

8 December 2013
Source: The Jerusalem Post

“Israel is going through a very important time of understanding energy markets in the country and in the region,” said Dr. Fatih Birol, chief economist of the International Energy Agency in Paris. “Israel is not an energy island. Israel cannot stay an energy island.”

The Epoch Times

4 December 2013
Source: The Epoch Times

Fatih Birol, chief economist of the International Energy Agency (IEA) reiterated his positive outlook on U.S. energy production in a speech at the Council on Foreign Relations in New York Wednesday. “The United States will be the largest oil producer in the world in 2017, larger than Saudi Arabia. This year’s findings confirm this trend; maybe even in 2015. This is good news,” he said, adding that most of the oil will be shale-based. Shale oil and gas can only be recovered by using advanced technology such as hydraulic fracturing or “fracking.” This is part of a global theme where countries that previously imported energy will become exporters.

Financial Times

3 December 2013
Source: Financial Times

Fatih Birol, the chief economist of the International Energy Agency, and others have recently pointed out that shale gas production in Europe is unlikely to close more than marginally the gap between natural gas prices in the EU and the US (as well as Russia, the Middle East and other major producers).

Reuters

29 November 2013
Source: Reuters

Europe's energy prices will stay up to three times higher than in the United States for the next 20 years, unless the region can develop domestic supplies and increase efficiency, the International Energy Agency's chief economist said.

Il Sole 24 Ore

28 December 2013
Source: Il Sole 24 Ore

The center of gravity of energy will shift more and more towards emerging economies. And those markets, from China to India, through the Middle East, will lead the demand and determine, from now until 2035, an increase of about one-third of total energy consumption. That's the future according to the World Energy Outlook 2013, which was presented today in Rome by Fatih Birol, chief economist of the International Energy Agency, with interventions from the CEO of Eni, Paolo Scaroni, and the Ministers of Economic Development and Foreign Affairs Flavio Zanon and Emma Bonino.

ECNS

28 November 2013
Source: ECNS

Fatih Birol, the IEA's chief economist, said,"Lower energy prices in the US mean that it is well-placed to reap an economic advantage, while higher costs for energy-intensive industries in Europe and Japan are set to be a heavy burden,"

Wall Street Journal

25 November 2013
Source: Wall Street Journal

International Energy Agency chief economist Fatih Birol said Monday that he would be surprised if Iranian oil exports returned to pre-crisis levels soon, following the political accord Sunday on Iran's nuclear program.

Reuters

25 November 2013
Source: Reuters

An increasing number of European oil refineries face early closure as developing nations build their own capacity and rising volumes of fuel do not need refining, the International Energy Agency's chief economist said.

Wall Street Journal

22 November 2013
Source: Wall Street Journal

Ankara wants to cut energy costs, expand its own production and tap into a steady supply. The steps are critical as Turkey strives to more than double its $786 billion gross domestic product over the next decade and join the world’s top-10 economies. The International Energy Agency’s Chief Economist Fatih Birol gave The Wall Street Journal his take on Turkey at the Atlantic Council Energy & Economy Summit in Istanbul.

Climate-l

14 November 2013
Source: Climate-l

The WEO predicts that global energy demand will increase by one-third by 2035, driven nearly completely by emerging and developing economies. It suggests that, as the energy sector is responsible for two-thirds of global greenhouse gas emissions, much of the burden of mitigating climate change will fall on this sector and these countries.

Platts

14 November 2013
Source: Platts

The global oil market is currently well supplied but growing demand pressures and ongoing disruptions in some OPEC producing countries could soon reverse a recent spate of softer oil prices, the International Energy Agency said Thursday.

UPI

14 November 2013
Source: UPI

China's increase in renewable energy is on course to surpass the European Union, the United States and Japan combined, says the International Energy Agency. In its annual World Energy Outlook released Tuesday, the IEA said China will be the strongest driver in the worldwide trend in which renewable energy is expected to account for almost half of the increase in global power generation by 2035, China Daily reports.

The Economic Times

13 November 2013
Source: The Economic Times

India to drive global oil demand by 2020: IEA chief economist Dr Fatih Birol

Times of India

13 November 2013
Source: Times of India

Global warming is set to continue unabated with temperatures rising by 20% by 2035, putting the world on track for a temperature increase of 3.6 degrees, far above the UN target of 2.0 degrees. This is the finding of the International Energy Agency (IEA) in its annual report released on Tuesday.

Brunei Times

13 November 2013
Source: Brunei Times

A VAST upheaval in energy markets with the rise of shale oil and of demand in emerging economies is changing the fuel map of the globe, the IEA said on Tuesday. The agency also argued for fuel subsidies to be phased out, and warned that carbon emissions would go on rising, pushing up temperatures around the world.

Sydney Morning Herald

13 November 2013
Source: Sydney Morning Herald

Surging energy demand in Asia will deliver ''a golden age'' for the Australian economy but also set the world on a path of dangerous climate change as fossil fuel-sourced emissions soar, according to the International Energy Agency. China will soon dislodge the US as the world's biggest oil importer and India will be the largest coal importer by the early 2020s as the centre of energy demand shifts ''decisively'' to emerging economies, the IEA said in its World Energy Outlook 2013 report.

El Pais

12 November 2013
Source: El Pais

Countries from the Middle East, led by Saudi Arabia, will maintain their monopoly in the oil market despite the rise of the United States and increased production from Brazil, said today the IEA. The United States are experiencing an energy revolution by exploiting unconventional sources such as shale gas and light tight oil, but this dominance "will last only a decade" according to the IEA, as resources are scarce.

Financial Times

12 November 2013
Source: Financial Times

The shale gas boom will boost US manufacturing and jobs until at least 2035, the world’s most respected energy body predicted yesterday, reinforcing America’s economic edge over Asia and Europe for the next two decades. The International Energy Agency said that shale would continue to fuel the American economy even after the US starts ramping up exports, despite fears that selling the cheap gas to overseas customers would erode the country’s competitive advantage.

New Tork Times

12 November 2013
Source: New York Times

The boom in oil from shale formations in recent years has generated a lot of discussion that the United States could eventually return to energy self-sufficiency, but according to a report released Tuesday by the International Energy Agency, production of such oil in the United States and worldwide will provide only a temporary respite from reliance on the Middle East.

Straits Times

12 November 2013
Source: Straits Times

The International Energy Agency (IEA) says China and India are becoming the world's main drivers of energy demand, as the United States continues to boost its domestic production of oil and gas.

NDTV

12 November 2013
Source: NDTV

China and India are increasingly driving world energy demand as the United States' production boom puts it on track to become independent of the global market, the International Energy Agency said on Tuesday. China is close to becoming the world's largest oil importer, while India will turn into the leading importer of coal in the next decade to lead the Asian surge, the Paris-based IEA said in its 2013 World Energy Outlook.

The Economic Times

12 November 2013
Source: The Economic Times

India is set to become the biggest driver of global oil demand by year 2020," claimed International Energy Agency's chief economist Dr Fatih Birol while speaking to ET on Tuesday. "Year 2020 is like tomorrow, from oil industry's point of view," he said, underlining the urgency in his message on the sidelines of the publication of IEA's World Energy Outlook 2013.

New Tork Times

12 November 2013
Source: New York Times

“The foundations of the global energy systems are shifting,” Fatih Birol, chief economist at the Paris-based organization, which produces the annual World Energy Outlook, said in an interview before the release. The agency, which advises industrialized nations on energy issues, had previously predicted that Saudi Arabia would be the leading producer until 2035.

Energy Global

12 November 2013
Source: Energy Global

According to the IEA’s new World Energy Outlook (WEO) technology and high prices are opening up new resources, but this does not mean the world is on the verge of an era of oil abundance. Rising oil output from North America and Brazil will reduce the role of OPEC countries in helping quench global oil thirst over the next decade, however, the Middle East will continue to be a key source of oil supply growth from the mid 2020s.

Wall Street Journal

12 November 2013
Source: Wall Street Journal

Brazil's recently discovered offshore oil fields will triple the country's current crude oil output to six million barrels per day by 2035, making Latin America's largest country a leading producer and exporter, the International Energy Agency said Tuesday.

Financial Times

12 November 2013
Source: Financial Times

The International Energy Agency has sounded the alarm about a potential oil supply crunch and higher prices as key Gulf producers delay investment in the face of surging US shale output. In a strident warning against complacency in the oil market, the developed world’s energy body said key Gulf producers have been adopting a “wait and see approach” to investment, because of the perception that the US shale revolution would produce an “abundance of oil”.

Platts

12 November 2013
Source: Platts

The US will become the world's biggest oil producer within two years but rising global supplies of shale and other unconventional oils will not reduce the need for OPEC's oil over the next two decades, the International Energy Agency said Tuesday. Non-OPEC oil production will rise to 52.9 million b/d in 2035, up from 49.4 million b/d in 2012, but down from a peak of 55.1 million b/d in 2025, the IEA said in its annual World Energy Outlook.

Sydney Morning Herald

5 November 2013
Source: Sydney Morning Herald

To meet the 2-degree target, about two-thirds of proven fossil-fuel reserves must remain in the ground, mostly coal, according to the Paris-based International Energy Agency. Under the IEA's central forecast, about half of reserves will remain untapped, putting the planet on track to warm by 3.6 degrees, its chief economist, Fatih Birol, said. “Paris 2015 is perhaps the last chance before we say that the 2-degree target will be almost impossible to reach,” Birol said in a phone interview. “If we have an agreement in Paris we can still theoretically have a chance to change the path.”

Omanobserver

28 October 2013
Source: Omanobserver

Growing economies need to sharpen their focus on renewable energy as an alternative source of energy, according to the International Energy Agency (IEA). Speaking to the Observer at the opening of the 60th Annual Singapore International Energy Week (SIEW), at the Sands Expo and Convention Centre at the Marina Bay Sands, IEA’s Chief Economist Dr Fatih Birol opined that the proliferation of renewable energy is transforming the way energy is harnessed, distributed and consumed. “We, at the IEA estimate that renewable energy is now the fastest growing sector of the global energy mix, accounting for around a fifth of all electricity produced worldwide and nations need to pay more attention to the renewable energy for their sustainable development.”

Xinhuanet

28 October 2013
Source: Xinhuanet

Fatih Birol, chief economist of the inter-governmental International Energy Agency, said that people may be talking about Southeast Asia as the next emerging market for energy, just as people have been talking about China and India. The ten-member Association of Southeast Asian Nations (ASEAN) has a combined population of about 600 million. Put together, the three markets are really gradually "shifting the center of gravity of the global energy market" towards Asia, he said at the Singapore International Energy Week.

Interfax

17 October 2013
Source:

Fatih Birol told delegates at the World Energy Congress in Daegu on Thursday that, although gas was clearly a greener option than coal, current prices for gas in China and developing Asia relative to coal would see coal remain the predominant feedstock of choice for power generation.

Time

16 October 2013
Source:

The International Energy Agency (IEA) estimates that non-OPEC oil producers — led by the U.S., Canada and Kazakhstan, which has said it plans to raise oil production to over 2 million barrels a day by 2025 — will increase global supplies by a near record 1.7 million barrels a day to 56.4 million, reducing the amount of oil the world needs from OPEC.

Financial Times

13 October 2013
Source:

"Despite the shale revolution, the Middle East is and will remain the heart of global oil industry for some time to come," Fatih Birol, the IEA's chief economist said.

DAWN

13 October 2013
Source:

In the World Energy Outlook 2012, when Fatih Birol, declared that the energy world was undergoing a major transformation – he also presented a timeframe for it to be accomplished. Peaking in 2020, he then said, US crude production would overtake Saudi Arabia by 2017, adding that over the next few years, traditional gas producers too would lose their market influence.

Saudi Gazette

13 October 2013
Source:

The IEA says “With output of more than 10 million barrels per day for the last two quarters, its highest in decades, the nation [The US] is set to become the largest non-OPEC liquids producer by the second quarter of 2014, overtaking Russia. And that’s not even counting biofuels and refinery gains,” the IEA said.

The Christian Science Monitor

3 October 2013
Source:

Fatih Birol, the IEA's chief economist, addressed the consequences of North American shale at an international oil and gas conference this week in London. He said oil production from the United States in particular didn't mean much for OPEC, which meets about 30 percent of the world's appetite for oil. Policymakers in North America say more self-reliance is good insurance in a market vulnerable to overseas shocks. With demand centers shifting elsewhere, however, OPEC, and many of its Middle East members, is still a first-string player.

Business Times Singapore

3 October 2013
Source:

THE International Energy Agency yesterday urged countries in South-east Asia to take "serious action" to improve energy efficiency as the region's fast-growing energy use leads to a sharp rise in dependence on oil imports and a reduction in surplus natural gas and coal for export.

Bangkok Post

3 October 2013
Source:

Thailand has the highest risk among Asean countries for skyrocketing energy import bills unless concrete measures can be taken to address rising local consumption and depleting reserves, according to the International Energy Agency (IEA). Its Southeast Asia Energy Outlook report released Wednesday predicts Thailand's net oil and gas import bills will hit USD 100 billion in 2035, more than triple the USD 30 billion in 2011.

New Straits Times

3 October 2013
Source:

The International Energy Agency (IEA) has suggested that member countries of the Association of Southeast Asian countries (ASEAN) cope with their rising energy demand which is expected to increase by 80 percent over the next 22 years, Thai News Agency (TNA) reported.

The Wall Street Journal

2 October 2013
Source: The Wall Street Journal

Coal and natural gas exports from Southeast Asia will fall sharply over the next two decades as the region grapples with rapidly growing energy demand, which will increase its dependency on imported oil over the next two decades, the International Energy Agency said Wednesday.

Platts

2 October 2013
Source:

The International Energy Agency expects Southeast Asia's crude oil demand to rise by over 50% in the next 20 years, resulting in a tripling of its oil import bill to some $240 billion by 2035. In its Southeast Asia Energy Outlook report released Wednesday, the IEA said that oil demand in the region -- which covers the 10 member countries in the Association of Southeast Asian Nations -- is now at 4.4 million b/d, accounting for 37% of the primary energy mix. This is expected to rise to 5.4 million b/d in 2020 and will hit 6.8 million b/d by 2035, representing almost one-fifth of the growth in global demand, the IEA said.

The Business Spectator

2 October 2013
Source:

Southeast Asia's huge appetite for energy will see its bill for imported oil surge to $US240 billion by 2035, leaving nations exposed to price shocks, the International Energy Agency (IEA) warns. The region will guzzle more than five million barrels of oil per day - double current levels of consumption - to fuel its breakneck economic growth, the IEA said on Wednesday.

Bloomberg News

11 September 2013
Source: Bloomberg News

Fatih Birol, the International Energy Agency’s chief economist, comments on price of oil. He spoke in an interview today in the Chinese city of Dalian, where he’s attending the World Economic Forum’s Annual Meeting of the New Champions. “Oil prices are still very high for the fragile economic recovery. It’s high for Europe and also too high for developing Asian countries. It is more than welcome that prices are going down a bit” and providing room for an economic recovery. “We need to see the economy grow strong in the next quarter to come, otherwise, together with Europe, several Asian countries including China will face difficulties.”

China Daily

11 September 2013
Source: China Daily

There are policy choices for countries globally to reduce carbon emissions and combat climate change without affecting their economic growth, said a senior official with the International Energy Agency. "The world is still moving in the wrong direction," said Fatih Birol, chief economist of the agency in Beijing on Tuesday. […] Birol believes that global action is not yet sufficient to limit the global temperature rise by 2 degrees Celsius. The target still remains technically feasible but extremely challenging.

European Voice

11 July 2013
Source:

The International Energy Agency, an international think-tank on energy issues based in Paris, estimated in its 2012 World Energy Outlook that the European energy sector will need €1 trillion of investment by 2020 and €3 trillion up to 2030. That figure covers both infrastructure needs and the costs of ensuring sufficient generating capacity for the decade ahead.

The Financial Times

23 June 2013
Source:

US emissions of CO2, the gas that scientists say is mainly responsible for climate change, have been in decline since 2007, and last year hit their lowest level since 1994, according to the government’s Energy Information Administration. However Fatih Birol, chief economist at the International Energy Agency, a Paris-based think-tank backed by 28 governments, said last week the decline was principally a result of US power generators switching away from coal and towards gas, which typically creates about half as much CO2 when burnt for an equivalent output of electricity. [...]“The reason that America began to use a lot of shale gas was because it was cheaper,” Mr Birol said. “My main worry is that if gas prices continue to climb, we may see coal coming back, and then this emissions reduction may well be reversed.”

The Washington Post

17 June 2013
Source:

The International Energy Agency (IEA) last week warned that global carbon dioxide emissions in 2012 were the highest ever. Yet international climate negotiations have floundered. Many Americans and their representatives in Congress still doubt climate change is a problem worth addressing. And as the developing world advances, its peoples are polluting more to obtain higher standards of living. Forget for a moment the ideal or rational response; what's the bare minimum global leaders could do? The IEA had some useful, if modest, suggestions.

Los Angeles Times

11 June 2013
Source: Los Angeles Times

Emissions of heat-trapping greenhouse gases are growing at such a rate that the world will probably exceed a safe limit in average global temperatures by the end of the century and veer into a higher temperature zone that would profoundly damage economic growth and most other aspects of life, according to a new report by the International Energy Agency. […] The agency's Redrawing the Energy-Climate Map report said that carbon dioxide emissions grew at a rate of 1.4% in 2012, reaching a record high of 31.6 gigatonnes released into the atmosphere.

The Australian

11 June 2013
Source: The Australian

IEA chief economist Fatih Birol told The Australian the situation had led the agency to propose a four-step plan that it said could limit temperature rises to 2C between now and 2020, hopefully by which time there would be government agreement on tackling the issue. The plan involves energy efficiency measures, ensuring inefficient coal plants are no longer built and use of the worst emitters is limited, reducing natural gas emissions and flaring and phasing out fossil fuel subsidies.

The Guardian

10 June 2013
Source: The Guardian

.Fatih Birol, chief economist at the IEA, and one of the world's most respected energy experts, told the Guardian that greenhouse gas emissions were continuing to rise so fast that pinning hopes on a replacement for the Kyoto protocol would set the world on a path to 5C of warming, which would be catastrophic. Birol urged governments to take urgent action on improving energy efficiency, replacing fossil fuels with low-carbon power, stopping the construction of inefficient power plants and phasing out fossil fuel subsidies, as low or no-cost ways of reducing emissions quickly. "This will not harm economic growth, and they are policies that can be taken in a fragile economic context," he said.

The Financial Times

10 June 2013
Source: The Financial Times

China and the US made such strides tackling their carbon dioxide emissions last year they have boosted chances of sealing a long-sought global climate deal, the world’s energy watchdog said on Monday. But if tougher climate action is finally taken, existing coal-fired power plants risk losing $1.8tn in net revenues in the next two decades, while 8 per cent of new plants face retirement before investments are recovered, new International Energy Agency data shows.

he New York Times - Dot Earth blog

10 June 2013
Source: The New York Times Dot Earth blog

The International Energy Agency today released a helpful report that charts four climate-wise (if fairly familiar) actions countries can pursue to make a difference in greenhouse-gas emissions by 2020. There’s a low bar to entry, the agency noted, saying these steps “can deliver significant emissions reductions by 2020, rely only on existing technologies and have already been adopted successfully in several countries.”

The Economist

4 May 2013
Source: The Economist

Markets can misprice risk, as investors in subprime mortgages discovered in 2008. Several recent reports suggest that markets are now overlooking the risk of “unburnable carbon”. The share prices of oil, gas and coal companies depend in part on their reserves. The more fossil fuels a firm has underground, the more valuable its shares. But what if some of those reserves can never be dug up and burned? […] Existing fossil-fuel reserves already contain far more carbon than that. According to the International Energy Agency (IEA), in its “World Energy Outlook”, total proven international reserves contain 2,860GTCO2—almost three times the carbon budget. The report refers to the excess as “unburnable carbon”.

Anchorage Daily News

24 April 2013
Source: Anchorage Daily News

In an interview, Fatih Birol, chief economist for the International Energy Agency, predicted that the United States as well as China, Europe, Japan and India would institute rules and standards to increase energy efficiency in vehicles, appliances and industry, but such advances would not be enough to stem significant climate change over the coming decades, which he said would be "deleterious for the planet." He said he expected that increasing gas production over the next decade would give the United States a competitive energy price advantage over Europe and Japan. He added, "The U.S. oil import bill will go down and the trade balance will be an asset rather than a burden to the United States," as it has been over the last few decades.

The New York Times

23 March 2013
Source: The New York Times

Fatih Birol, chief economist at the 28-nation International Energy Agency, which includes the United States, said that reducing fossil fuel use was crucial to curbing global temperature rise, but added that improving the energy efficiency of homes, vehicles and industry was an easier short-term strategy. He noted that the 19.5 million residents of New York State consume as much energy as the 800 million in sub-Saharan Africa (excluding South Africa) and that, even with President Obama’s automotive fuel standards, European vehicles were on average more than 30 percent more fuel efficient than American ones.

The New York Times

19 March 2013
Source: The New York Times

Fatih Birol, chief economist of the International Energy Agency in Paris, points out that if civilization is to avoid catastrophic climate change, only about one third of the 3,000 gigatons of CO2 contained in the world’s known reserves of oil, gas and coal can be released into the atmosphere.

The Financial Times

17 March 2013
Source: The Financial Times

According to the International Energy Agency, a quarter of Iraqi oil, about 2m barrels a day, will be heading for China by 2035. “A new trade axis is being formed between Baghdad and Beijing,” said Fatih Birol, the IEA’s chief economist. Analysts say state companies are much less likely than the oil majors to be deterred by low fees and low returns: for them, the key is access to Iraq’s hydrocarbon resources, and the off-take deals that allow them to export crude. But ultimately, the winner of the past decade has been the Iraqi state. The IEA predicts Baghdad stands to gain almost $5tn in revenues from oil exports to 2035 – offering a “transformative opportunity” for the economy.

Forbes

8 March 2013
Source: Forbes - interview with Dr. Fatih Birol

Fatih Birol is chief economist at the International Energy Agency, which works to ensure energy security for its 28 member countries, including the U.S., U.K., Germany and Japan, and publishes the World Energy Outlook – the top strategic guide to global energy markets. Birol chairs the Davos (World Economic Forum) Energy Advisory Board and was named by Forbes as one of the most influential people in the world in energy. Birol recently shared his thoughts with Ensia and Terry Waghorn of Forbes on climate change and our global energy future.

The Economist

3 March 2013
Source: The Economist

In 2012 Iraq produced over 3m barrels a day (b/d) for the first time since 1990, and it can undoubtedly produce more. […] The International Energy Agency, a rich-world club, reckons that in the most favourable circumstances production might triple to just over 9m b/d by 2020, but that doubling to 6.1m b/d is more plausible—and that if things go wrong, output might only reach 4m b/d.

Le Monde

27 February 2013
Source: Le Monde

L'Agence internationale de l'énergie (AIE) […] a observé qu'entre 2002 et 2010, les groupes chinois ont réalisé 43 investissements dans le pétrole et le gaz à l'étranger pour un montant évalué à 65 milliards de dollars. Comme le soulignait Fatih Birol, le chef économiste de l'AIE dans le Financial Times du 19 février, " la Chine est sur le point de devenir un pays majeur pour la production hors de ses frontières ".

The Australian

25 February 2013
Source: The Australian

"The World Energy Outlook finds that the extraordinary growth in oil and natural gas output in the US will mean a sea-change in global energy flows," the IEA said at the launch of its report. The IEA now expects the US to become a net exporter of natural gas by 2020 and to become almost self-sufficient in energy in net terms by 2035.

The Financial Times

19 February 2013
Source:

China is set to become a major producing country outside of its borders,” Fatih Birol, chief economist at the IEA, told the Financial Times on the sidelines of IP Week, an annual gathering of the oil industry in London. “A significant part of the increased foreign production comes from [merger and acquisition] transactions last year.”

Reuters

1 February 2013
Source:

"Thanks to the efforts of Saudi Arabia, growth of production in Iraq and the United States, I do not expect any major difficulty in terms of meeting global oil demand this year," said Fatih Birol, chief economist at the International Energy Agency which advises industrialised nations on energy policies. The drop in Iranian exports "will not affect the market in a negative sense", he told reporters in Tokyo.

The Economic Times

31 January 2013
Source: The Economic Times

High Brent crude prices could dent a global economic recovery while Europe's economy holds the key to determining world oil demand in 2013, the chief economist of the International Energy Agency said on Thursday.

National Geographic

30 January 2013
Source: National Geographic

The amount of fresh water consumed for world energy production is on track to double within the next 25 years, the International Energy Agency (IEA) projects. And even though fracking—high-pressure hydraulic fracturing of underground rock formations for natural gas and oil—might grab headlines, IEA sees its future impact as relatively small. By far the largest strain on future water resources from the energy system, according to IEA's forecast, would be due to two lesser noted, but profound trends in the energy world: soaring coal-fired electricity, and the ramping up of biofuel production.

The Wall Street Journal

29 January 2013
Source: The Wall Street Journal

Earlier this month, energy executives and experts from around the world gathered in Abu Dhabi to congratulate countries including Saudi Arabia and Kuwait on ambitious new plans to spend hundreds of billions of dollars on the development of renewable energy. But the oil giants' newfound zeal for green energy wasn't driven entirely by environmental altruism. Without investing in new sources of energy, they risk consuming an ever-growing amount of their fossil fuels, leaving less to be exported. "Many countries in the region have to look at oil alternatives," said Fatih Birol, chief economist at the International Energy Agency. If they don't, their oil exports will suffer, he said.

CNBC TV18 moneycontrol.com

29 January 2013
Source: CNBC TV18 moneycontrol.com

Fatih Birol, Chief Economist and Director- Global Energy Economics, Directorate at International Energy Agency said the high oil prices are acting as brakes for global economic recovery. He is optimistic about the US and feels India and China have great possibilities of growing significantly in 2013.

Arab News (Reuters blogs)

21 January 2013
Source: Arab News

Energy forecasters see renewable electricity overtaking coal as the world’s leading source of power generation in the next few decades. For example, the International Energy Agency in its World Energy Outlook last November predicted that renewables collectively would account for 31 percent of power generation in 2035, under existing policy commitments, surpassing natural gas and just short of coal.

Saudi Gazette (Mist News)

17 January 2013
Source: Mist News

Countries in the Middle East need to urgently phase out fossil fuel subsidies if they intend to reach their renewable energy targets, Fatih Birol, chief economist at the International Energy Agency (IEA) said Wednesday on the sidelines of the World Future Energy Summit here. The Middle East has some of the highest fuel subsidies in the world, he said.

Gulf Business

16 January 2013
Source: Gulf Business

The Middle East has some of the highest fuel subsidies in the world, said Fatih Birol, chief economist at the International Energy Agency (IEA). “Worldwide, we have $500 billion fossil fuel subsidies and 50 per cent of that is in the Middle East,” he said on the sidelines of the World Future Energy Summit in Abu Dhabi. “It is extremely challenging to have such big subsidies and achieve renewable energy targets. “If you want renewable industry to grow and on the other hand, you have fossil fuel subsidies, they are not complementary,” he added.

Hurriyet

3 January 2013
Source:

Fatih Birol, the chief economist of the International Energy Agency, has offered some notable insights into the future of global energy markets. His presentation of the “World Energy Outlook 2012” report that focused on "energy efficiency" will undoubtedly be studied closely by the Turkish Industry & Business Association.

Global Times - China

26 December 2012
Source:

The World Energy Outlook issued by the International Energy Agency (IEA) in November forecast that the US will replace Russia as the biggest natural gas producer in 2015 and surpass Saudi Arabia as the biggest oil producer in 2017, bringing the US energy self-sufficiency rate up to as high as 97 percent by 2035. If true, this means the Obama administration's strategy of "energy independence" will become a reality. IEA chief economist Fatih Birol said that the shock brought by the revival of the US oil and gas industry is even bigger than nuclear power and is the biggest revolution in the global energy field since World War II.

Bloomberg

19 December 2012
Source:

“Wind energy is going through very difficult times,” Fatih Birol, chief economist of the International Energy Agency, told reporters yesterday in Rio de Janeiro. “We have seen increases of wind and renewable energy investments for 10 years in a row and for the first time this year we are seeing a decline. This is mainly because of the financial crisis and the governments are reducing their support.”

The Australian Financial Review

10 December 2012
Source:

The global energy map is being redrawn. The International Energy Agency’s World Energy Outlook (WEO-2012) predicts that resurgent oil and gas production in the United States will be a key agent of change as the US temporarily overtakes Saudi Arabia sa the world’s largest oil producer before 2020.

The Boston Globe

9 December 2012
Source:

As chief economist for the Paris-based International Energy Agency, Fatih Birol helps shape energy policies worldwide. He recently guided the publication of the agency’s World Energy Outlook, which predicts the United States will soon become the world’s largest oil producer. While in Cambridge recently to speak at MIT, he sat down with Globe reporter Erin Ailworth.

The Bangkok Post

7 December 2012
Source: The Bangkok Post

Gas supplies from North America and Australia will change the global energy landscape over the next two decades, shifting market domination away from the Middle East, according to the International Energy Agency's World Energy Outlook 2012 report. Fatih Birol, the IEA's chief economist, said the recent rebound in the US oil and gas industry, driven mainly by the discovery of shale gas and use of upstream technologies to unlock what is known as "tight oil", has spurred economic activity in that country.

EurActiv

5 December 2012
Source: EurActiv

The chief economist of the International Energy Agency (IEA) has told EurActiv that energy savings are one of the “few valuable options” left for humankind to reduce carbon dioxide emissions, as he expects no global climate agreement before 2020. […] In a wide-ranging interview, Birol also said that he thought Europe would benefit from a binding energy efficiency target for 2030, and called on European member states to stop trying to weaken the current Energy Efficiency Directive (EED), which comes into effect today (5 December). Any second commitment period of the Kyoto Protocol would be “only a shadow of its former self” because of the absence of states representing 85% of global emitters, Birol said. “Consequently I see little likelihood of substantial emissions reductions.” “It would be a very good surprise if there is such an agreement before 2020 and as such, I believe that energy efficiency is one of the very few valuable options to reduce emissions in the short term and perhaps for some time after,” he said.

Platts

4 December 2012
Source: Platts

The main factor in determining oil prices next year, whether they will hold near current levels or come off what looks to be the highest ever annual average, will depend on how the economies of the world's main demand centers fare, International Energy Agency chief economist Fatih Birol said Tuesday. […] Long-term, energy efficiency and subsidy reduction are going to be the main ways to fight higher oil prices. "When we look at the current prices and the global economy, we have to slow down the oil demand growth," he said.

Al Arabiya

6 December 2012
Source: Al Arabiya

The World energy map will change in the next decade for ever. Fatih Birol, the Chief Economist at the International Energy Agency calls the surge of U.S. oil and gas production “the biggest change in the energy world since World War II.”

Forbes

3 December 2012
Source:

The latest edition of the International Energy Agency’s World Energy Outlook says America will surpass Saudi Arabia as the biggest oil producer in 2020 and become self-sufficient in energy by 2030 as new drilling technologies, alternative fuels and declining consumption reduce the need to import oil.

The Huffington Post/The Blog

27 November 2012
Source: The Huffington Post-The Blog

Rarely does the release of a data-driven report on energy trends trigger front-page headlines around the world. That, however, is exactly what happened on November 12th when the prestigious Paris-based International Energy Agency (IEA) released this year’s edition of its World Energy Outlook. In the process, just about everyone missed its real news, which should have set off alarm bells across the planet.

Reuters

26 November 2012
Source:

Fatih Birol, the International Energy Agency’s chief economist, is not prone to hype. So industry executives listen when he calls the surge of U.S. oil and gas production “the biggest change in the energy world since World War II.” “This is bigger even than the development of nuclear energy,” said Birol in an interview just minutes after he had briefed dozens of the world’s leading energy players and policy makers over breakfast at the fourth annual Atlantic Council Energy and Economic Summit here on the IEA’s World Energy Outlook 2012. “This has implications for the whole world.”

The Globe an Mail

26 November 2012
Source: The Globe and Mail

An energy-thirsty world will need "every drop" of growing production in Canada's oil sands, but the industry will need to reassure a skeptical public that development can be done in an environmentally sustainable way, the International Energy Agency's chief economist says.[...] In an interview Monday in Ottawa, IEA chief economist Fatih Birol said booming oil sands production can be consistent with global progress on climate change, which requires a greater focus on energy efficiency and reducing emissions from coal-fired electricity, especially in places such as China and India."If the necessary [mitigation] measures are taken in terms of the production and transportation of oil sands, this will not have any significant impact on CO2 emissions growth," Mr. Birol said. "Compared to the major emitting countries, this is not peanuts, it is a small fraction of peanuts."

New York Times

23 November 2012
Source: The New York Times

The International Energy Agency, in its 2012 World Energy Outlook, released last week, forecast that American oil production, which began to rise in 2009 after decades of decline, would continue rising through at least 2020, when it could be about as high as it was in 1970, the year of peak production. At the same time it forecast that by 2035, American oil consumption, which peaked in 2005, could decline to levels not seen since the 1960s, depending on how much conservation is encouraged.

USA Today

22 November 2012
Source: USA Today

By now it's not news that "fracking" underground shale formations — cracking them open with high-pressure jets of water, chemicals and sand — has unlocked new supplies of natural gas and oil in places such as North Dakota and Pennsylvania. What's surprising is how big those supplies are, and how much they might change the world. Here's one measure: In its latest annual forecast, released last week, the Paris-based International Energy Agency (IEA) says fracking means the USA will overtake Russia to become the world's largest natural gas producer by 2015 and pass Saudi Arabia as the world's largest oil producer by 2017.

Financial Times

21 November 2012
Source: Financial Times

The UNEP report is one of several significant studies on efforts to tackle global warming to be published on the eve of this year's two-week UN global climate talks, which start in the Qatari capital of Doha on Monday. A World Bank report earlier this week said unless countries' current climate-cutting commitments were fully implemented, the world could warm by four degrees by the end of the century, or by the 2060s if those pledges were not met. The International Energy Agency last week said if action to reduce CO2 emissions was not taken before 2017, all allowable emissions would be "locked in" by the energy infrastructure likely to exist at that time.

Fortune

21 November 2012
Source: Fortune

Last week, the International Energy Agency (IEA) projected a radical shift in the global energy balance of power when it announced that the U.S. is poised to become the world's largest oil producer by 2020. This comes at a time when unlocking reliable sources of domestic energy is at the forefront of conversation in this country and investors continue to deploy record amounts of capital into the sector. Less than a week after the re-election of President Barack Obama and only one week before the U.K.'s Autumn Statement, which is expected to contain a proposed energy plan, the IEA's prediction – if realized – will have long-term, far-reaching implications.

Interfax Ukraine

20 November 2012
Source: Interfax Ukraine

World demand for energy resources will more than triple by 2035, while 60% of this growth will be concentrated in China, India and the Middle East, according to the World Energy Outlook 2012 prepared by the International Energy Agency (IEA). The agency experts said electricity consumption would grow two times faster than overall energy consumption. China by 2035 will need as much new capacity as is now jointly used by the United States and Japan. About one-third of the new generating capacities to be built by 2035 will be used to replace decommissioned ones. Renewable energy sources by 2015 will rank second in the world in terms of electricity production and account for about half of coal energy, and by 2035 the share of electricity produced by renewable energy sources will get close to coal power plants, the IEA considers.

Oil & Gas Journal

19 November 2012
Source: Oil & Gas Journal

With global oil demand continuing to increase, the US will replace Saudi Arabia as the world's largest oil producer about 2020, and North America will become a net oil exporter by 2030, according to the International Energy Agency. China, India, and the Middle East will account for 60% of a 30% increase in global energy demand between now and 2035, IEA projects in its World Energy Outlook 2012. By 2035, almost 90% of Middle Eastern oil flows to Asia in IEA's projection. "The global energy map is changing, with potentially far-reaching consequences for energy markets and trade," IEA says.

BBC News

18 November 2012
Source: BBC News

The International Energy Agency (IEA) has published its annual World Energy Outlook, and it's hard to think of any time when there's been more change under way. The element that caught a few headlines was the forecast that the US is on course to replace Saudi Arabia as the biggest producer of oil by 2020. Much of this is based on unconventional methods of fracturing 'tight' or shale rock. However, numerous other prospects were set out by this annual report on energy markets. The IEA has also looked at the attempt to limit global warming to an average 2 degrees Celsius, noting that each year, it looks more difficult and more costly to do so. And here's an astonishing fact: four-fifths of the allowable carbon dioxide emissions by 2035 are already locked in by existing power plants, factories and buildings. If action isn't taken by 2017, all the allowable emissions for 18 years after that will be accounted for. "Rapid deployment of energy-efficient technologies would postpone this complete lock-in to 2022, buying time to secure a much-needed global agreement to cut greenhouse-gas emissions," says the IEA outlook.

Al-Jazeera

18 November 2012
Source: Al-Jazeera

Although global heating of the planet by two degrees Celsius is not considered safe, going beyond that has often been called dangerous climate change. To have a coin-flip chance (50-50) of staying at two degrees Celsius, the IEA has calculated that most of the world’s coal reserves, 22 per cent of oil and 15 per cent of natural gas reserves must stay in the ground. Geographically, two-thirds of these reserves are in North America, the Middle East, China and Russia, according to the IEA’s annual flagship publication, the World Energy Outlook, published Monday.

MarketWatch

16 November 2012
Source: MarketWatch

In its latest annual report published this week, the Paris-based International Energy Agency proects that the United States will become the largest global oil producer, overtaking Russia and Saudi Arabia, by around 2020. “The global energy map is changing, with potentially far-reaching consequences for energy markets and trade,” the IEA said in its World Energy Outlook 2012 report. “Energy developments in the United States are profound, and their effect will be felt well beyond North America and the energy sector.”

Bloomberg Businessweek

15 November 2012
Source: Bloomberg Businessweek

The announcement by the International Energy Agency that the U.S. will surpass Saudi Arabia in oil production by 2020 is testimony to the power of technology to change an industry. The U.S. is developing so-called tight oil reserves, including the huge Bakken shale formation in Montana and North Dakota, by extracting the oil through hydraulic fracturing and horizontal drilling, techniques that weren’t available 30 years ago. Within 10 years, U.S. oil imports will drop to about 4 million barrels a day from a current average of 10 million, thanks to new oil production in the U.S. and stricter fuel-efficiency standards for cars and trucks, IEA Chief Economist Fatih Birol said at a London press conference on Nov. 12. The U.S. will pump 11.1 million barrels of oil a day in 2020 and 10.9 million in 2025, according to the IEA. Those figures are 500,000 barrels and 100,000 barrels higher, respectively, than its forecasts for Saudi Arabia for those years.

Sydney Morning Herald

14 November 2012
Source: Sydney Morning Herald

Energy efficiency is fast becoming the new black if Australia's energy white paper released last week and the unveiling of the International Energy Agency's world energy outlook report on Monday are any guide. The IEA report identifies investments to get more from the same amount of energy. Actions such as mandating higher minimum fuel economy standards and spending on new lighting and heating equipment will account for 70 per cent of energy savings between now and 2035. By contrast, switching fuels such as to renewable energy, will supply only 12 per cent, the IEA said.

BBC

13 November 2012
Source: BBC

In its latest World Energy Outlook report, the International Energy Agency (IEA) has predicted that by 2035 nearly 90% of the oil produced in the Middle East will be bought by customers in Asia. It also said that there will be a dramatic increase in production of oil in the United States. The agency said that global energy demand will grow by more than a third over 20 years, with China, India and the Middle East accounting for 60% of that growth.

Arab News

13 November 2012
Source: Arab News

The global thirst for oil will grow in the next two decades driven by demand from emerging nations and the rise of the US as the top producer, the International Energy Agency said yesterday. Oil demand will increase by 14 percent between now and 2035 to reach 99.7 million barrels a day, the OECD-linked energy watchdog said in its annual assessment of the energy markets of tomorrow. The report also highlighted that the US energy market is going through radical upheaval sparked by the development of new technologies, especially the extraction of shale gas through a controversial process called “fracking” that has been limited or banned in other countries. Natural gas demand worldwide will grow in any scenario, though the outlook varies per region, the IEA said.

Sky News

13 November 2012
Source: Sky News

The United States is to become virtually self-sufficient in energy in the coming decades while Iraq is set to be the leading oil supplier to China, the world's leading energy authority has said. The predictions have been made by the Paris-based International Energy Authority (IEA), in its annual World Energy Outlook report. "By around 2020, the US is projected to become the largest global oil producer – overtaking Saudi Arabia until the mid-2020s," the IEA said. "The result is a continued fall in US oil imports, to the extent that North America becomes a net oil exporter around 2030." Read article and watch video here.

European Council for an Energy Efficient Economy

13 November 2012
Source: European Council for an Energy Efficient Economy

The global energy map is changing in dramatic fashion, the International Energy Agency said as it launched the 2012 edition of the World Energy Outlook (WEO). Although predictions on the global oil markets made the headlines, perhaps the most revolutionary message was the WEO’s strong focus on energy efficiency. WEO-2012 presents the results of an Efficient World Scenario, which shows what energy efficiency improvements can be achieved simply by adopting measures that are justified in economic terms. Greater efforts on energy efficiency would cut the growth in global energy demand by half. Global oil demand would peak before 2020 and be almost 13 mb/d lower by 2035, a reduction equal to the current production of Russia and Norway combined. The accrued resources would facilitate a gradual reorientation of the global economy, boosting cumulative economic output to 2035 by $18 trillion, with the biggest gains in India, China, the United States and Europe.

Financial Times

12 November 2012
Source: Financial Times

The US will overtake Saudi Arabia and Russia to become the world’s largest global oil producer by 2017, according to the International Energy Agency, in one of the clearest signs yet of how the shale revolution is redrawing the global energy landscape. This marks the first time the IEA, the developed world’s most respected energy forecaster, has made such a prediction. It underscores how the drilling boom that has unlocked North America’s vast reserves of hard-to-get-at oil and gas is changing the world’s oil balance. “The US, which imported a substantial chunk of oil from the Middle East, will be importing almost nothing from there in a few years’ time,” Fatih Birol, the IEA’s chief economist, told the Financial Times. “That will have implications for oil markets and beyond.” Read the full article on the FT site (registration required).

Wall Street Journal

12 November 2012
Source: Wall Street Journal

A shale oil boom means the U.S. will overtake Saudi Arabia as the world's largest oil producer by 2020, a radical shift that could profoundly transform not just the world's energy supplies, but also its geopolitics, the International Energy Agency said Monday. In its closely watched annual World Energy Outlook, the IEA, which advises industrialized nations on their energy policies, said the global energy map "is being redrawn by the resurgence in oil and gas production in the United States." The assessment is in contrast with last year, when it envisioned Russia and Saudi Arabia vying for the top position. "By around 2020, the United States is projected to become the largest global oil producer" and overtake Saudi Arabia for a time, the agency said. "The result is a continued fall in U.S. oil imports (currently at 20% of its needs) to the extent that North America becomes a net oil exporter around 2030."

New York Times

12 November 2012
Source: New York Times

The United States will overtake Saudi Arabia and Russia as the world's top oil producer by 2017, the West's energy agency said on Monday, predicting Washington will come very close to achieving a previously unthinkable energy self-sufficiency. The forecasts by the IEA, which advises large industrialized nations on energy policy, were in sharp contrast to its previous reports, which saw Saudi Arabia remaining the top producer until 2035. "Energy developments in the United States are profound and their effect will be felt well beyond North America - and the energy sector," the IEA said in the annual long-term report, giving one of the most optimistic forecasts for U.S. energy production growth to date. IEA Chief Economist Fatih Birol told a news conference in London he believed the United States would overtake Russia as the biggest gas producer by a significant margin by 2015. By 2017, it would become the world's largest oil producer, he said.

The Guardian

12 November 2012
Source: The Guardian

In a report released on Monday, the world's foremost energy watchdog, the International Energy Agency (IEA), said the US would benefit from unconventional sources of oil and gas. These sources could fuel the US's energy independence, and make the country the world's biggest oil producer by 2017. But, if pursued with vigour, they would also lead to huge increases in greenhouse gas emissions that would put hopes of curbing dangerous climate change beyond reach. If this happens, more than 90% of oil and gas from the Middle East could be sold to Asia, and chiefly to rapidly developing countries such as China, within the same timeframe, the IEA predicted. Fatih Birol, chief economist at the IEA and one of the world's foremost authorities on energy and emissions, said the outlook for action on climate change was bleak unless the US changed direction rapidly. "Climate change has been slipping down the agenda," he said. "It is not having a significant impact on energy investors." Companies were excited by the prospect of shale gas, which has been subject to widespread development in the US in the past decade, and shale oil, which relies on newer technology but is set for its own boom, according to the IEA's analysis. Birol said the outlook for cutting emissions was doubtful. "I don't see much reason to be hopeful that we will see reductions in carbon dioxide," he told the Guardian. "We have seen more carbon dioxide emitted this year", Birol warned.

Globe and Mail

12 November 2012
Source: Globe and Mail

Renewable power will become an indispensable part of the global energy mix by 2035, generating almost one-third of electricity on the planet, the International Energy Agency projected in its 2012 World Energy Outlook released Monday. That will help cut carbon emissions, but it will also do much more, the IEA says. Bringing more renewables on-stream will also help countries to diversify their energy mix and cut down on imports, reduce the use of water resources, and curtail air pollution, the report says. In its in-depth study on energy efficiency, this year’s World Energy Outlook underlines the roles of policy makers in promoting energy efficiency, saying that existing government support falls “well short of tapping its full economic potential.” Efficiency needs to be measured and reported better, so the gains are visible to consumers, and regulations are needed to prevent the sale of inefficient technology, it said.

CNN

12 November 2012
Source: CNN

The United States will overtake Saudi Arabia to become the world's biggest oil producer before 2020, and will be energy independent 10 years later, according to a new forecast by the International Energy Agency. The recent resurgence in oil and gas production, and efforts to make the transport sector more efficient, are radically reshaping the nation's energy market, reported Paris-based IEA in its World Energy Outlook. North America would become a net exporter of oil around 2030, the global organization said Monday. "The United States, which currently imports around 20% of its total energy needs, becomes all but self sufficient in net terms - a dramatic reversal of the trend seen in most other energy importing countries," the IEA stated.

Time

12 November 2012
Source: Time

The International Energy Agency expects the United States to become the world’s largest oil producer by around 2020, temporarily overtaking Saudi Arabia, thanks to increased output achieved by new exploration technologies. The World Energy Outlook 2012 released Monday by the Paris-based IEA also predicts that greater oil and natural gas production as well as rising energy efficiency will allow the U.S., which currently imports around 20 percent of its energy needs, to become nearly self-sufficient by around 2035. The IEA says rebounding U.S. oil and gas production and increasing light tight oil and shale gas resources are “steadily changing the role of North America in global energy trade” and will speed up the change of direction of international oil trade from the Middle East toward Asia.

The Telegraph

12 November 2012
Source: The Telegraph

The International Energy Agency (IEA) said in its World Energy Outlook for 2012 this morning that the US will be a net exporter of gas by 2020, with all the vast implications of abundant cheap gas for its chemical, plastics, glass, and steel industries. "The United States, which currently imports around 20 per cent of its total energy needs, becomes all but self-sufficient in net terms – a dramatic reversal of the trend seen in most other energy importing countries," it said. This is entirely due to the shale and gas revolution. North America as a whole will become a significant net exporter. The 2012 World Energy Outlook featured several other striking messages: Coal has provided half the entire growth in world energy supply over the last decade, much more than renewables; Total investment in oil and gas alone this year is (estimated) $619 billion. It shows the sheer scale; Total oil output will be less than 100 million b/d by 2035. This is not that much higher than this year at 87 million.

National Geographic

13 November 2012
Source: National Geographic

The U.S., which imports 20 percent of its total energy now, will be come largely self-sufficient by 2035, concluded the IEA’s annual World Energy Outlook, often viewed as the Bible of the industry. Add in Canada, which has its own unconventional production boom in Alberta’s oil sands, and the continent is set to be a net oil exporter by 2030. U.S. imports of oil are on track to fall from 10 million to 4 million barrels per day, Fatih Birol, IEA’s chief economist and the main author of the report, told a London news conference. However, he added, increased domestic production, including biofuel, only accounts for 55 percent of huge reduction in imported oil. The other 45 percent is due to the ramping up of improving federal fuel efficiency standards for cars and trucks. Amid its forecast for rising energy demand and production, the report, unsurprisingly, does not paint an optimistic picture of efforts to contain greenhouse gas emissions. IEA projects that energy-related carbon dioxide emissions will rise from an estimated 31.2 gigatonnes (Gt) last year to 37 Gt in 2035, which could cause a long-term average temperature increase of 3.6 degrees Celsius.

Sydney Morning Herald

12 November 2012
Source: Sydney Morning Herald

The huge untapped potential saving from more efficient use of energy and a resurgence of US energy production are two key conclusions from this year's World Energy Outlook report compiled by the International Energy Agency. The "disappointingly slow progress" over the past decade towards more productive energy use means countries are paying a price in economic growth, energy security and the environment, the agency said. "We consider it [potential savings] as a hidden fuel and a key option in the hands of policymakers," said Maria van der Hoeven, the IEA's Executive Director. For instance, the growth in global energy demand to 2035 could be halved through efficiency measures, saving the equivalent of 13 million barrels of oil a day, or the sum of Norway and Russia's oil output. The building sector has grabbed just a fifth of the potential savings from better insulation and other steps to limit energy use, while industry can more than double its achieved savings, the IEA said. By making efficient energy use a priority, nations would be able to extend the period beyond which rising greenhouse gas emissions mean the world is locked into global warming of at least 2 degrees above pre-industrial levels.

Nikkei, Japan

12 November 2012
Source: Nikkei

The IEA projected that between 2010 and 2035 nuclear-generated electricity will increase 58% globally, making a large downward revision from the previous year’s forecast of 70%. Regarding Japan, LNG imports will increase, which will lead to higher electricity prices, around twice the level of US prices or 3 times those in China. Executive Director Maria van der Hoeven told the Nikkei reporter that she worries about higher LNG prices in Asia, adding however, that Japan was free to choose its nuclear policy.

Kyodo News

12 November 2012
Source: Kyodo News

The International Energy Agency (IEA) projected that nuclear-generated electricity will increase 58% in the world from 2010 to 2035, making a large downward revision from the previous year’s forecast of 70%. After the Fukushima Daiichi accident, there is a sign of a retreat from nuclear power in Germany and France as well as Japan.

Chosun Ilbo, Korea

12 November 2012
Source: Chosun Ilbo

Global energy demand will increase by 30% and oil price will rise to $125 per barrel by 2035, the IEA says. IEA is the most authoritative international organization on energy, and releases an annual report projecting mid- and long-term projections on global energy supply and demand. A special focus was on Iraq’s potential as an oil producer in the future, and its impact on the global energy market.

YTN, Korea

12 November 2012
Source: YTN Korea

Renewables are set to move to the center stage by 2035 according to the IEA’s World Energy Outlook 2012 (WEO-2012) report. The IEA expects solar to grow the fastest among renewables. As energy demand grows in China, India and the Middle East, the global energy demand will increase by 30% by 2035. The Executive Director of the IEA, Ms Maria van der Hoeven, will visit Korea on 23 November at the invitation of the Ministry of Knowledge Economy to present the WEO-2012 report.

Live Mint, India

12 November 2012
Source: Live Mint India

India, China and West Asian nations will account for 60% of the world’s energy demand by 2035, when the price of imported crude oil will be $215 a barrel in nominal terms, the International Energy Agency (IEA) projected in its World Energy Outlook 2012 report. By 2025, India will also be the world’s second largest consumer of coal after China, playing a major role in international energy pricing, it said. “Growth in oil consumption in emerging economies, particularly for transport in China, India and the Middle East, more than outweighs reduced demand in the OECD, pushing oil use steadily higher in the New Policies Scenario,” the world’s premier energy monitor said in its report. “Oil demand reaches 99.7 mb/d (million barrels per day) in 2035, up from 87.4 mb/d in 2011, and the average IEA crude oil import price rises to $125/barrel (in year-2011 dollars) in 2035 (over $215/barrel in nominal terms).”, the IEA added.

Economic Times, India

12 November 2012
Source: Economic Times India

Global demand for electricity could rise by over 70 percent between 2010 and 2035 driven largely by rising demand from emerging economies, the International Energy Agency (IEA) said on Monday. That was an annual average of 2.2 percent per year, the IEA said in its World Energy Outlook. Over 80 percent of the growth in the power sector will come from non-OECD countries, with China (38 per cent) and India (13 per cent) taking the lion's share, the IEA on Monday. "Global generating capacity expands by almost three-quarters, from 5,429 GW in 2011 to 9,340 GW by 2035," the report said. The expansion is equivalent to around 4,000 standard-sized power stations. "Gas and wind together account for almost 50 percent of the increase, followed by coal and hydro at about 15 percent each," the report said.

Nature

12 November 2012
Source: Nature

The International Energy Agency (IEA) today implored policy-makers to focus on energy efficiency measures, to buy a little time before the world resigns itself to global warming of more than 2 °C. Presenting the agency’s 2012 World Energy Outlook in London, the IEA’s chief economist Fatih Birol told reporters that he could see a “growing momentum in many countries to push the energy efficiency button”, but also that energy efficiency remained an “epic failure” in most nations’ energy policies. “The chances are slimmer and slimmer of avoiding a 2 °C rise,” he said. The IEA likes to talk about the time when existing factories, buildings and cars will ‘lock in’ greenhouse gas emissions that will push atmospheric carbon dioxide above 450 parts per million, the target thought to give an even chance of limiting global warming to 2 °C. Last year, it projected that time would come by 2017. Today, the agency said that energy efficiency measures could push the lock-in date out five years to 2022.

Responding To Climate Change

12 November 2012
Source: Responding To Climate Change

Speaking at the launch of the IEA’s World Energy Outlook 2012, Fatih Birol, chief economist with the IEA said the surge in support for oil and gas energy sources was disappointing. “Fossil fuel subsidies last year reached $523bn,” said Birol. “This would suggest that the appetite for reform is waning.” Birol said the bulk of this growth was in the Middle East and North Africa following the Arab Spring. Many governments sought not to create further turmoil in the region which was in part triggered by rising food prices. Renewable energy subsidies during the same period totalled $88bn, according to the IEA.

IEA predicts boom for Iraq’s oil industry

9 October 2012
Source: Financial Times

Iraq’s oil output is to more than double by the end of the decade and by the 2030s it will be the world’s second-largest oil exporter after Saudi Arabia, according to an in-depth study by the International Energy Agency. Fatih Birol, the IEA’s chief economist, told the Financial Times ahead of the launch of the report on Tuesday that Iraq’s oil production would be “crucial for the health of the global economy”. He said Iraq would account for 45 per cent of the anticipated growth in global oil supply over the current decade.

Iraq's Oil Output to More Than Double

9 October 2012
Source: The Wall Street Journal

Iraq's oil output is on track to more than double in the next decade, supplying almost half the growth in world oil output and making the country a key driver of future crude prices, the International Energy Agency said Tuesday. Iraq's oil production could hit 6.1 million barrels a day by 2020 and 8.3 million barrels a day by 2035, compared with just over 3 million barrels a day now, the IEA forecast in a special report on the country. The expansion will make Iraq "by far the largest contributor to global supply growth" over the next 20 years, taking the place of Russia as the world's second-largest oil exporter, it said.

Iraq could become world's second biggest oil exporter

9 October 2012
Source: The Guardian

Iraq could become the world's second-largest oil exporter within two decades and double its output by 2020, according to a major new study. The International Energy Agency said Iraq can overtake Russia for exports and be responsible for nearly half of all anticipated growth in global output. But the country's government must overcome internal disputes over oil rights with the autonomous Kurdish region in the north and increase current investment from $9bn (£5.6bn) in 2011 to $25bn a year on average for the rest of the decade, the authors warn. The IEA's chief economist, Fatih Birol, explained: "Developments in Iraq's energy sector are critical for the country's prospects and also for the health of the global economy. "But success is not assured, and failure to achieve the anticipated increase in Iraq's oil supply would put global oil markets on course for troubled waters." Executive director, Maria van der Hoeven, added: "We all have an interest in Iraq realising its potential and revitalising its economy."

IEA study outlines potential for Iraq to boost oil production

9 October 2012
Source: Washington Post

Oil output in Iraq could more than double to 6.1 million barrels a day by 2020 and could climb as high as 8.3 million barrels a day by 2035, according to a report released Tuesday by the Interna¬tional Energy Agency. […] IEA chief economist Fatih Birol said part of the purpose of the report was “to show the Iraqis and the rest of the world the consequences of the failure of Iraq to increase production. It is not only a question of Iraq and its 30 million inhabitants . . . but to show the world what it means for Iraq to be failing.”

IEA chief economist optimistic about future of Iraq’s oil industry, seen key for global supply

9 October 2012
Source: Associated Press

The International Energy Agency predicted Tuesday that Iraq will consolidate its position as a global oil power — allowing it to rebuild the economy of a nation ravaged by war and decades of Saddam Hussein’s autocratic rule.The leading global energy monitor reported that Iraq’s annual revenues from energy exports could double to an average of $200 billion annually over the next 20 years. That optimistic scenario would make Iraq’s economy the same size as that of Saudi Arabia now by 2035. “I am optimistic about Iraq and Iraq’s contribution to the global oil markets and them being able to reconstruct their country,” Birol said in an interview with The Associated Press. “So a new, modern and prosperous country is set to emerge in the Middle East as a result of oil and gas revenues.”

Agence France Presse

13 September 2012
Source: Agence France Presse

The International Energy Agency's top economist warned in an interview with AFP that any unexpected slowdown in the growth of Iraq's energy output would be "bad news" for the rest of the world. Fatih Birol noted that while such a slowdown was not the IEA's central forecast, it remained a credible-enough possibility that the organisation included it in an upcoming report on Iraq's energy industry due next month. His remarks come amid a dramatic ramping up of the country's oil output, with Iraq earlier this year overtaking Iran to become the second-biggest producer within OPEC, and more increases are expected in the coming years. "If it doesn't grow, ... (if) the growth stays much more modest than any sensible expectation... then this would mean that the major difficulties (would) continue within Iraq, but also very bad news for the global oil markets," IEA Chief Economist Birol said in his Paris office on Monday.

Gas glut threatens climate battle-IEA

13 September 2012
Source: Reuters

A new "golden age of gas" could derail global efforts to fight climate change as indebted governments mull a switch to the cheaper fuel, the International Energy Agency's chief economist said on Thursday. Government subsidies designed to promote renewable energy currently amount to around $70 billion globally, he said. But governments may be tempted to drop them as new shale gas and export facilities of liquefied natural gas (LNG) in east Africa and Australia pressure prices lower. "Governments are feeling more and more uncomfortable to put money in renewables especially in the days of austerity, and some governments are cutting their support," Fatih Birol from the West's energy watchdog said at an energy conference in Berne, Switzerland. "The availability of cheap or lower gas prices are putting additional pressure on renewable energies," he added.

Middle East leaders cornered by subsidies

13 September 2012
Source: Financial Times

Popular revolts sweeping the Arab world are throwing up a financial dilemma for struggling governments who want to scrap expensive energy subsidies but fear they will provoke riots if they do. [...] “After the Arab Spring [began], the efforts in some countries to reform some subsidies and to bring energy prices close to market values slowed down,” said Fatih Birol, chief economist at the International Energy Agency in Paris. “Global oil markets will get less oil because a significant proportion of that oil will be used at home, driven by artificially low prices.”

14 July 2012, The Economist

13 July 2012
Source: The Economist

Not only have breakthroughs in technology opened up America’s shale beds, but advances in drilling in very deep water have dramatically changed exploration in the sea. Australia will emerge as a gas superpower as it begins to deliver large quantities of LNG from offshore fields. And better technology and global warming is unlocking the Arctic’s natural bounty. But there are reservations. Last year the IEA published a report entitled, “Are We Entering a Golden Age of Gas?” The question mark reflects the constraints that public disquiet about shale gas might put on its development. That is one reason why Fatih Birol, the IEA’s chief economist, is far from certain that America’s shale boom can be replicated elsewhere. In the most promising scenario, if shale development goes full steam ahead, the IEA reckons that the share of gas in the global energy mix will rise from 21% today to 25% in 2035. That may not sound much of an increase, but over that period total global consumption will grow spectacularly. If the obstacles can be overcome, more gas and lower prices will mean a rise of 50% in global demand for gas between 2010 and 2035, according to the IEA.

25 June 2012, Financial Times

25 June 2012
Source: Financial Times

If the global economy continues to deteriorate, I will not be surprised if we see more downward pressure on oil prices,” Fatih Birol, chief economist at the International Energy Agency, told the Financial Times. […] Lower oil prices could help boost company profitability. The recent drop in prices was already akin to a “tax break to consumers and businesses”, Mr Birol said. “Companies will improve their profitability.” Read the full article on the FT site (registration required).

25 June 2012, Financial Times

25 June 2012
Source: Financial Times

Fatih Birol, chief economist at the International Energy Agency, says Europe spent €32bn to import oil in March. This month, the bill is on track to be €27bn. In the US, oil imports cost $33.5bn in March, and will be $27.5bn in June, he says. Emerging economies, particularly China, Indonesia and India, should see fiscal burdens fall as lower subsidies are required. […] Mr Birol notes that oil prices are, by historical standards, still very high. Brent crude has averaged $114.2 a barrel so far this year, the highest January-to-June average ever, surpassing the averages for the same period in 2008, when prices hit a record high, and in 2011, when civil war in Libya cut oil supplies significantly. “If the global economy continues to deteriorate, I will not be not surprised if we see more downward pressure on prices,” he says. The impact of the falling price on companies may become apparent later this year, when many start reporting results from the April-June period. But some anecdotal evidence already points to a boost from oil’s decline. Read the full article on the FT site (registration required).

21 June 2012, The Huffington Post

21 June 2012
Source: The Huffington Post

Now is not the time for toothless proclamations from summits like the charade taking place in Rio de Janeiro. The International Energy Agency, the world's foremost authority on energy economics, issued a no-nonsense deadline in their annual World Energy Outlook in November of 2011. They revealed that Earth would lock-in runaway feedback processes by 2017 if fossil fuel use continued to increase. While lifestyle choice depends on using more fossil fuel, life depends on using less. It's too late for piecemeal solutions. We have just five crucial years to level out on fossil fuel extraction and emissions while halting the degradation of vital greenhouse gas reservoirs: the soil, tundra, forests and ocean.

CNN

10 June 2012
Source: CNN

Zakaria: The game-changer in the geopolitics of energy. Last year, the world's energy watchdog published a report which asked an important question: "Are we entering a golden age of gas?". So I was struck when I saw the International Energy Agency's 2012 report. Gone is the question mark. Instead it says, simply: "Golden rules for a golden age of gas." And the starting point of that golden age is right here in America. It's becoming increasingly clear that the shale gas revolution is a game-changer not just for the energy industry, not just for the U.S. — but for geopolitics.

International Press coverage of the WEO Golden Rules for a Golden Age of Gas special report

15 June 2012
Source:



Yale Environment

11 June 2012
Source: Yale Environment

Few international figures have been as consistent in warning about the threat posed by global warming as economist Fatih Birol, of the International Energy Agency. In an interview with Yale Environment 360, Birol explains why the situation is worsening and what needs to be done to significantly slow emissions.

New York Times, Editorial

9 June 2012
Source: New York Times, Editorial

Reports from international agencies usually make for dull reading. “Golden Rules for a Golden Age of Gas,” from the Paris-based International Energy Agency, does not. It should be required reading for regulators and the industry — and for anyone who cares about energy, the environment and climate change. The report examines the perils and promise of the global natural gas boom brought about by a controversial drilling process called hydraulic fracturing. While some environmentalists are determined to shut hydrofracturing down, the report says that shale gas can be safely extracted, and at relatively low cost, and is preferable to coal in terms of emissions that contribute to global warming. But the report also makes clear that regulators and the industry will have to be much more aggressive in protecting the water and the air from pollutants released by the process.

The Economist

2 June 2012
Source: The Economist

The story of America’s shale-gas revolution offers hope in hard times. […] The revolution should continue, according to a report published this week by the International Energy Agency (IEA). At current production rates, America has over a century’s supply of gas, half of it stored in shale and other “unconventional” formations. It should also spread, to China, Australia, Argentina and Europe. Global gas production could increase by 50% between 2010 and 2035, with unconventional sources supplying two-thirds of the growth (see article). […] The anti-frackers have reasonable grounds for worry. […]But the risks from shale gas can be managed. Properly concreted well-shafts do not leak; regurgitants can be collected and made safe; preventing gas venting and flaring would limit methane emissions to acceptable levels; and the risk of tremors, which commonly occur as a result of conventional oil-and-gas activities, can be contained by careful monitoring. The IEA estimates that such measures would add 7% to the cost of the average shale-gas well. That is a small price to pay for environmental protection and the health of a promising industry.

The Economist

2 June 2012
Source: The Economist

Last year the International Energy Agency released a boosterish report entitled “Are we entering a golden age of gas?” On May 29th it released a follow-up, from which it dropped the question-mark. It foresees a tripling in the supply of unconventional gas between 2010 and 2035, leading to a slower price rise than would otherwise be expected. It expects this to boost global demand by more than 50%. The IEA estimates that shale-gas production emits 3.5% more than conventional gas, and 12% when it involves venting excess gas. France and Bulgaria have banned fracking; American and Australian anti-frackers are also rallying. Moreover, the IEA estimates [the additional] precautions would add 7% to the cost of a shale-gas well—a small price for a healthy industry. But they would not address the big problem with shale gas and all fossil fuels: the global warming they cause. Without a serious effort to boost renewable energy and other low-carbon technologies, the IEA envisages warming of over 3.5°C. That could be unaffordable.

Energy Efficiency News

30 May 2012
Source: Energy Efficiency News

The International Energy Agency (IEA) yesterday set out the ‘golden rules’ for exploiting natural gas while allaying concerns over environmental and social impacts. The IEA’s ‘golden rules’ for achieving this include full transparency, measuring and monitoring environmental impacts and engaging with local communities. Drilling sites should be chosen carefully to avoid leaks from wells into nearby aquifers and there should be rigorous assessment and monitoring of water needs and waste water. Taking a careful approach to shale gas and the like will likely raise costs by around 7%, the IEA estimates, but the additional costs will be limited. For a larger development with multiple wells, for example, lower operating costs could offset the investment in measures to reduce environmental impacts. “If this new industry is to prosper, it needs to earn and maintain its social license to operate,” says IEA chief economist Fatih Birol, the report’s main author. But the IEA report admits that while taking the ‘golden rules’ approach to shale gas will reduce energy-related CO2 emissions by 1.3% compared with an alternative approach, any route including shale gas leaves global emissions well above the trajectory needed to limit temperature rises to 2°C.

30 May 2012, The Co-operative Asset Management

30 May 2012
Source: The Co-operative Asset Management

"The IEA [Golden Rules for a Golden Age of Gas] report is a well evidenced and even-handed contribution at a critical time in the debate. However, its title should not lead us to conclude that implementing the rules gives gas a free pass on climate change. In fact, this report debunks the theory promulgated by some that an unconventional gas revolution on its own will enable us to meet our climate goals in the short or long-term, underlining the danger of looking at one energy source in isolation“ said Niall O’Shea, Head of Responsible Investing for The Co-operative Asset Management.

New York Times

29 May 2012
Source: New York Times

The International Energy Agency has issued a report that is essential reading for anyone interested in ensuring that the global boom in gas production facilitated by hydraulic fracturing, or fracking, is carried out with environmental integrity. The report, “Golden Rules for a Golden Age of Gas,” builds an economic case for adopting practices and technologies that limit chances of water or air pollution and produce adequate transparency to gain public confidence. Pursuing this approach, the report concludes, would add just seven percent to drilling costs. Unchanged practices could, by generating public distrust and resistance, limit the potential harvest. As the agency’s chief economist, Fatih Birol (also the report’s lead author) put it in a statement, “If this new industry is to prosper, it needs to earn and maintain its social license to operate. This comes with a financial cost, but in our estimation the additional costs are likely to be limited.”

Wall Street Journal

29 May 2012
Source: Wall Street Journal

“It is not an exaggeration to say that unconventional gas would fracture the status quo of the energy system and lead to a major geographic shift in the sources of energy,” said the IEA’s Chief Economist, Fatih Birol, at a briefing in London following the release of the World Energy Outlook 2012 special report “Golden Rules for a Golden Age of Gas”. However, if the nascent global shale gas industry does not do more to address environmental concerns about its activities, public opposition could stop it in its tracks, the IEA warned. In this case, the power of the dominant exporters would only grow. If the world embraces a technology called hydraulic fracturing to release huge resources of natural gas trapped in shale rock formations, natural gas could become the fastest growing energy source out to 2035, the IEA said in a report Tuesday. Supply could grow by 55% over that period, with much of the new gas output coming from countries that are not currently exporters of the fuel. “Importers will benefit in two ways,” said Mr. Birol. First, prices will be lower with shale gas than without. In Europe, natural gas prices will be 9% lower in 2020 and 18% lower in 2035 than they would otherwise have been without shale gas, the IEA said

Financial Times

29 May 2012
Source: Financial Times

The shale gas revolution risks being limited or even halted unless the industry agrees to tougher environmental rules and becomes much more transparent about its operations, the International Energy Agency warns on Tuesday. Adopting more stringent standards for the contentious practice of hydraulic fracturing, or fracking, which is used to extract shale gas, could increase the cost of a typical well by about 7 per cent, the Paris-based agency says in a new report. However, “this would still leave handsome profits for the companies”, the IEA’s chief economist, Fatih Birol, told the Financial Times – adding that if companies ignored the “legitimate concerns” over fracking’s impact, it could damage the entire industry. The IEA, the energy watchdog for western countries, released an influential report last year, “Are We Entering a Golden Age of Gas?”, suggesting shale gas could help substantially boost global gas use. In Tuesday’s report, the agency lists seven “golden rules” it has drawn up with government and industry officials to address community and environmental concerns, which it says “threaten to curb, if not halt, the development of unconventional resources”. Read the full article on the FT site (registration required).

Reuters

29 May 2012
Source: Reuters

A boom in unconventional natural gas over the next 20 years could see the United States and others benefit from cheaper energy while the importance of the Middle East declines, the International Energy Agency (IEA) said on Tuesday. Growth in shale and other newly available forms of natural gas in the United States and China could match gains made in conventional gas in Russia, the Middle East and North Africa combined, IEA Chief Economist Fatih Birol told Reuters in an interview. "Unconventional gas will fracture the status quo, and will be a complete game changer with major geopolitical implications," Birol said. The IEA report underscored the economic gains offered by the rapid growth in unconventional gas, with "countries that were net importers of gas in 2010, including the United States, gaining the wider economic benefits associated with improved energy trade balances and lower energy prices." For Europe, where shale gas production is expected to play a smaller role than elsewhere, Birol said that unconventional gas growth could still be enough to offset an ongoing decline in conventional gas output. "The main benefit for Europe will that there will be lower gas import prices, putting pressure on oil-indexation of traditional gas supply contracts," Birol said. The IEA said the rules needed to ensure unconventional gas production is both environmentally and socially acceptable would raise production costs. "I hope that the industry will recognize that it will be tested against the worst practices in the sector," Birol said.

EurActiv

29 May 2012
Source: EurActiv

The International Energy Agency (IEA) has unveiled a ‘golden’ rulebook for the extraction of unconventional gases such as shale, which it says is needed to give them a 'social license to operate'. The checklist includes more regulation, transparency, investment, environmental protection, and a switch to best practices. “If this new industry is to prosper, it needs to earn and maintain its social license to operate,” said the IEA chief economist Fatih Birol, the report’s chief author. “This comes with a financial cost, but in our estimation the additional costs are likely to be limited.” According to the IEA’s long-awaited report - ‘Golden rules for the Golden Age of Gas’ - applying their rulebook “could increase the overall financial cost of development [for] a typical shale-gas well by an estimated 7%.”

Platts

29 May 2012
Source: Platts

World demand for natural gas could rise more than 50% by 2035, from 2010, the International Energy Agency said Tuesday, but only if a significant portion of the vast global resources of shale gas, tight gas and coalbed methane can be developed profitably and in an environmentally acceptable way. The agency is advocating that policymakers and the industry adopt a set of "golden rules" which take into account a range of social and environmental considerations. "The golden rules underline that full transparency, measuring and monitoring of environmental impacts and engagement with local communities are critical to addressing public concerns," it said. The agency recommends careful choice of drilling sites, thorough well design and integrity testing, and monitoring of waste water, among other measures.

Bloomberg

29 May 2012
Source: Bloomberg

A tripling of natural gas production from unconventional sources, such as shale formations, will only happen if environmental concerns are addressed, according to the International Energy Agency. Annual extraction from unconventional resources may rise to 1.6 trillion cubic meters in 2035 to account for 32 percent of all gas production, up from 14 percent this year, the IEA said in its latest World Energy Outlook special report released today. That figure will only be reached if companies and regulators are transparent, monitor environmental impacts and take the concerns of local communities seriously, according to the report. “The concerns of local communities are legitimate ones,” said Fatih Birol, chief economist at the IEA in Paris. “There are some companies that are following the rules we are suggesting here. The destiny of the shale-gas industry will be decided not by the best practices but by the worst practices.”

National Post, Canada

29 May 2012
Source: National Post, Canada

Canada’s rising domestic demand for natural gas will make up for the country’s ‘limited’ potential to export unconventional and conventional gas out of Western Canada by 2035, according to the International Energy Agency. “While Canadian LNG exports to Pacific markets commence before 2020, further growth in exports to Asia is limited in the Golden Rules Case by the large increase in domestic production in China, as well as the rise in unconventional production in Indonesia and Australia,” said the IEA in a new report on natural gas published Tuesday.

Economic Times, India

29 May 2012
Source: Economic Times, India

A boom in unconventional natural gas over the next 20 years could see the United States and others benefit from cheaper energy while the importance of the Middle East declines, the International Energy Agency (IEA) said on Tuesday. Growth in shale and other newly available forms of natural gas in the United States and China could match gains made in conventional gas in Russia, the Middle East and North Africa combined, IEA Chief Economist Fatih Birol told Reuters in an interview. "Unconventional gas will fracture the status quo, and will be a complete game changer with major geopolitical implications," Birol said.

Yomiuri, Japan

29 May 2012
Source: Yomiuri, Japan

Dr. Fatih Birol, Chief Economist of International Energy Agency (IEA) told in his interview with Yomiuri Shimbun, "nuclear power has supplied inexpensive electricity in Japan, and has played an important role for its economic growth". Dr. Birol referred to the current situation in Japan where all 50 nuclear power plants has stopped, "Japan is facing the most critical turning point since the Second World War in terms of economy" he alarmed. Firstly, the volume of imports of fossil fuels will increase in order to substitute nuclear with thermal power, and dependence on the Middle East will increase, "and have negative impact to energy security of Japan." He also pointed out that with soaring natural gas (LNG) and crude oil prices, Japanese companies are forced to pay higher energy prices, and will have disadvantage in the competitive conditions compared to companies with low energy price in other countries. Soaring energy prices will also hit the consumers through higher electricity bill, and the consumption may decline further. Referring to Japan's export of nuclear power plants Dr. Birol said "it will become extremely difficult to convince the buyer country," and the negotiation will be tough if Japan choose path towards no-nuclear. With regard to the crude oil prices trends in the future, "there are no country other than Iraq that has significant room for increasing production, so oil price will remain high at 3 digit."

Reuters

24 May 2012
Source: Reuters

China spurred a jump in global carbon dioxide (CO2) emissions to their highest ever recorded level in 2011, offsetting falls in the United States and Europe, the International Energy Agency (IEA) said on Thursday. "The new data provide further evidence that the door to a two degrees Celsius trajectory is about to close," Fatih Birol, IEA's chief economist said in a statement posted on its website. Meanwhile, China's CO2 emissions per unit of GDP, or its carbon intensity, fell by 15 percent between 2005 and 2011, the IEA said, suggesting the world's second-largest economy was finding less carbon-consuming ways to fuel growth. "What China has done over such a short period of time to improve energy efficiency and deploy clean energy is already paying major dividends," Birol said.

Financial Times

23 May 2012
Source: Financial Times

According to the International Energy Agency, US energy-related emissions of carbon dioxide, the main greenhouse gas, have fallen 450m tonnes over the past five years – the largest drop among all countries surveyed. Fatih Birol, IEA chief economist, attributed the fall to improvements in fuel efficiency in the transport sector and a “major shift” from coal to gas in the power sector. “This is a success story based on a combination of policy and technology – policy driving greater efficiency and technology making shale gas production viable,” Mr Birol told the Financial Times. The agency has calculated that in order to contain rising temperatures and avoid the most damaging effects of global warming, annual energy-related emissions should be no more than 32.6GT by 2017. “We are now only 1GT away from that, with five years still to go,” Mr Birol warned. “The door to a 2 degree trajectory is about to close, and to close forever.” While China pumps out more CO2 than any other country, its per capita emissions are still only two-thirds of advanced countries. Mr Birol said China was making “major efforts” on energy efficiency, which had improved by 15 per cent over the past five years. Without these, he said, global carbon emissions would have been 1.5 gigatonnes higher. Read the full article on the FT site (registration required).

International Press coverage of the WEO Golden Rules for a Golden Age of Gas special report

15 June 2012

Huffington Post

21 May 2012
Source: Huffington Post

If this statement by Fatih Birol, the chief economist of the International Energy Agency (IEA) last week wasn't a dire warning, then I don't know what is: "What I see now with existing investments for plants under construction... we are seeing the door for a 2 degree Celsius target about to be closed and closed forever." […]Nothing in the "Camp David Declaration" comes even close to moving us off the frightening trajectory which the IEA is warning about. […] On the issue of fossil fuel subsidies, the declaration merely reiterates previous commitments to phasing them out over the medium term, despite the fact that according to Birol "we are going backwards." From 2010 to 2012, fossil fuel subsidies increased from $400 billion to $630 billion. If you think this is an issue of environment vs. economics, think again. To quote Birol once more, "One dollar not invested now in reducing C02 will cost 4.6 dollars in the next decade to achieve the same effect." It's like using one credit card to pay off the debt on another. The interest payments will get you in the end.

Council on Foreign Relations

29 May 2012
Source: Council on Foreign Relations

The study, “Golden Rules for a Golden Age of Gas”, is worth reading in its entirety – it’s a great assessment of the environmental challenges involved in developing unconventional gas and of ways to address them. What jumps out at me, though, is how the authors have gone beyond the usual hand-waving claims about how steps to ensure safe drilling shouldn’t be too expensive. Instead, they’d actually done some concrete cost estimates. The verdict? Adopting “Golden Rules” for shale gas development would add a mere seven percent to the cost of each well. And though the IEA report doesn’t discuss this the impact on the price of gas, at least in the United States, would be even less, because some of the cost of delivered gas has nothing to do with well expenses: distribution costs, for example, would be unaffected by new drilling rules; severance taxes and impact fees wouldn’t change; and corporate taxes would presumably fall a bit, since many compliance costs could be written off. If you think that delivered gas will ultimately cost five dollars for a thousand cubic feet, the IEA is saying that its golden rules would add less than thirty-five cents. Contrast that with the much bigger impact of a backlash against drilling, and you have a pretty compelling case.

The Golden Rules for a Golden Age of Gas should be adopted now: but gas won’t help cut emissions any time soon

30 May 2012
Source: http://www.co-operative.coop/

"The IEA [Golden Rules for a Golden Age of Gas] report is a well evidenced and even-handed contribution at a critical time in the debate. However, its title should not lead us to conclude that implementing the rules gives gas a free pass on climate change. In fact, this report debunks the theory promulgated by some that an unconventional gas revolution on its own will enable us to meet our climate goals in the short or long-term, underlining the danger of looking at one energy source in isolation“ said Niall O’Shea, Head of Responsible Investing for The Co-operative Asset Management.

2012-05-15

15 May 2012
Source: The Wall Street Journal

Greater reliance on renewable energy has also trimmed demand for natural gas in some countries. Based on preliminary estimates, gas demand in the European Union fell by almost 11% in 2011 to levels last seen in 2000, said the International Energy Agency's Chief Economist, Fatih Birol.

The New Yorker

14 May 2012
Source: The New Yorker

Until recently, climate scientists believed that a six-degree rise, the effects of which would be an undeniable disaster, was unlikely. But new data have changed the minds of many. Late last year, Fatih Birol, the chief economist for the International Energy Agency, said that current levels of consumption “put the world perfectly on track for a six-degree Celsius rise in temperature. […] Everybody, even schoolchildren, knows this will have catastrophic implications for all of us.”

2012-04-23

23 April 2012
Source: Financial Times

For global energy markets, that is a change of potentially huge proportions. "This is going to have big implications for traditional exporters of gas," says Fatih Birol, chief economist at the International Energy Agency, the west’s industry monitor. "All of them are worried. They have a competitor entering the market that produces gas at much lower cost."

2012-04-16

16 April 2012
Source: Financial Times

The recycling of large sums of petrodollars through rising imports of goods by oil producers helps shape the impact of high oil prices on the global economy. “We are witnessing the largest transfer of wealth in the history of the economy – we have never seen such a transfer from consuming to producing countries,” Fatih Birol, IEA chief economist, told the Financial Times in an interview.

2012-04-03

3 April 2012
Source: The Wall Street Journal

If the industry doesn't take action to convince the public of its safety, the groundswell of opposition could ultimately block a U.S.-style increase in domestic energy production, said Fatih Birol, the chief economist of the International Energy Agency. Concerns about the safety of fracking aren't unfounded. The process involves the use of potentially harmful chemicals, and in the U.S. there have been documented cases of water and air pollution. Cuadrilla acknowledges that operations triggered two small earth tremors on the Bowland shale last year.

2 April 2012
Source: The Guardian

Developing countries in Africa received less in overseas aid last year than they paid for oil imports, new figures from the International Energy Agency show. Sub-Saharan Africa received about $15.6bn (£9.7bn) in overseas development aid last year, but this was outweighed by the $18bn cost of importing oil, Fatih Birol, chief economist at the IEA, told the Guardian. With oil prices likely to remain high, Birol warns that the only answer is for developing countries to move to cleaner renewable sources of energy. "If you diversify the sources of energy, that is a good thing and clean energy means using free, homegrown resources so that will bring down the import bills," he said.

30 March 2012
Source: Reuters

The International Energy Agency (IEA) said oil consumer nations are set to pay a record $2 trillion this year for oil imports if crude prices do not fall. Crude hit $128 a barrel this month, only $20 short of its 2008 peak, and is up more than 15 percent since January. If crude were to stay there for the rest of the year, oil import bills would cost 3.4 percent of GDP, up from 3.1 percent in 2011, IEA chief economist Fatih Birol said.

27 March 2012
Source: Financial Times

Fatih Birol, the IEA’s chief economist, warns against too much complacency. He notes that the EU’s net imports of oil will cost 2.8 per cent of GDP at present prices, against an average of 1.7 per cent between 2000 and 2010. Given the frailties of the EU economy, the dangers are evident. […] The world will be vulnerable to high oil prices and repeated shocks, so long as supply is stagnant, demand buoyant and unrest likely – in short, so long as it remains as it now is. Read the full article on the FT site (registration required).

26 March 2012
Source: Wall Street Journal

Early data show that high oil prices in Europe have already started to eat into consumer spending in other areas and could push the region back into recession, said the chief economist of the International Energy Agency, Fatih Birol, Monday. The European Union will spend an estimated $502 billion on energy imports in 2012, compared with $472 billion in 2011, said Birol in an interview with Dow Jones Newswires. A further $100 billion will go in 2012 on imports of natural gas, the price of which is indexed to oil, Birol said. "If this situation took place in a normal year...it wouldn't be such a major problem," Birol added. "But now it could really push countries back into recession." The major world economies, including Europe, the U.S., China, Japan and India will spend an estimated $1.5 trillion on oil imports this year, Birol said.

23 March 2012
Source: Financial Times

The cost of oil imports for leading economies will surge to $1.5tn this year if crude prices stay at their current levels – a figure large enough to tip the world back into recession, the International Energy Agency warned on Friday. Fatih Birol, the IEA’s chief economist, said the European Union was particularly vulnerable, with high oil prices now overtaking the sovereign debt crisis as the biggest problem. The IEA estimates that the EU will spend a record $502bn this year on net imports of oil, up from $472bn in 2011. That represents 2.8 per cent of the bloc’s gross domestic product, whereas between 2000 and 2010 it was spending on average 1.7 per cent of GDP on oil imports. “The current price levels are on average higher than the awful year of 2008 [when oil hit a record high of $147 a barrel], and as such have the capacity to tip the global economy back into recession,” Mr Birol said in a speech in London. Read the full article on the FT site (registration required).

7 March 2012
Source: Wall Street Journal

A groundswell of public opposition to shale gas drilling in Europe, driven by legitimate environmental concerns, is a major problem for what could prove to be a very important industry, said the Chief Economist of the International Energy Agency, Fatih Birol, Wednesday in a telephone interview with Dow Jones Newswires. "In many countries there is public opposition and in some countries it is already banned," Birol said. Concerns about the impact of shale gas production on drinking water are legitimate, but can be solved using the best technology and the right regulation, he said. The current regulatory regime in Europe is not adequate, that is why the IEA is convening a meeting in Warsaw, Poland, Wednesday to discuss best environmental practices with the industry and policymakers, Birol said. The IEA plans to publish a report with recommendations for best practice on shale gas drilling on May 29.

2 March 2012
Source: CNBC

“Just a couple of years ago, the development of unconventional gas was a silent revolution taking place in the United States, but it is now having widespread effects on global energy markets," the Chief Economist of the International Energy Agency, Fatih Birol, noted. "The prospects for gas demand, pricing and trade patterns have all shifted significantly and there is now a surge of interest from countries all around the world in improving their security of supply through exploitation of unconventional gas." But "there are always two sides to a coin," Birol warned. "While the process of hydraulic fracturing has been around for decades, the rapid increase in the number of wells […] and the large number of companies who drill them has been accompanied by growing concerns about the environmental effects of the exploitation of unconventional resources. Land use, water scarcity, pollution of water supplies and greenhouse gas emissions are increasingly being scrutinized." Birol said the environmental concerns need to be addressed, but the benefits of this new natural gas production are significant, particularly as natural gas increasingly replaces coal in the energy mix, lowering carbon emissions.

29 February 2012
Source: Reuters

International Energy Agency's chief economist Fatih Birol said on Wednesday he believed Iraq could achieve a production target of 6.5 million bpd by 2015 but that it could take up to 20 years to increase it to 8 million bpd. "Many Iraqi interlocutors I met are talking about 6.5 million bpd by 2015 and I don't think that this is an unrealistic target, but of course many challenges remain," Birol told Reuters in an interview. Birol was in Iraq to meet oil officials and industry experts ahead of a big IEA report on Iraq due in Nov. 2012. "We have projected that Iraq production can come to around 8 million bpd in the next 20 years. That can be higher and lower depending on global oil markets," he said. "If this 8 million bpd - which as I said is the highest growth among all the producing countries - doesn't take place, we will definitely be in difficulty ... in terms of tightness in global oil markets," he said.

27 February 2012
Source: Logistics Manager, United Kingdom

The chief economist of the International Energy Agency, Fatih Birol, and the former German environmental minister and director of the UN environmental program Klaus Töpfer, were on a supervisory panel of a new study by Deutsche Post DHL: “Delivering Tomorrow: Logistics 2050”. The study, which unveiled five visions of the future and their impact on trade, business and society, was compiled by 42 industry experts from organisations such as the World Economic Forum, the Rocky Mountain Institute, the Copenhagen Institute for Futures Studies, the World Business Council for Sustainable Development and Greenpeace International.

26 February 2012
Source: Caixin, China

A groundswell of public opposition to shale gas drilling in Europe, driven by legitimate environmental concerns, is a major problem for what could prove to be a very important industry, said the Chief Economist of the International Energy Agency, Fatih Birol, Wednesday in a telephone interview with Dow Jones Newswires. "In many countries there is public opposition and in some countries it is already banned," Birol said. Concerns about the impact of shale gas production on drinking water are legitimate, but can be solved using the best technology and the right regulation, he said. The current regulatory regime in Europe is not adequate, that is why the IEA is convening a meeting in Warsaw, Poland, Wednesday to discuss best environmental practices with the industry and policymakers, Birol said. The IEA plans to publish a report with recommendations for best practice on shale gas drilling on May 29.

21 February 2012
Source: Financial Times

“Just a couple of years ago, the development of unconventional gas was a silent revolution taking place in the United States, but it is now having widespread effects on global energy markets," the Chief Economist of the International Energy Agency, Fatih Birol, noted. "The prospects for gas demand, pricing and trade patterns have all shifted significantly and there is now a surge of interest from countries all around the world in improving their security of supply through exploitation of unconventional gas." But "there are always two sides to a coin," Birol warned. "While the process of hydraulic fracturing has been around for decades, the rapid increase in the number of wells […] and the large number of companies who drill them has been accompanied by growing concerns about the environmental effects of the exploitation of unconventional resources. Land use, water scarcity, pollution of water supplies and greenhouse gas emissions are increasingly being scrutinized." Birol said the environmental concerns need to be addressed, but the benefits of this new natural gas production are significant, particularly as natural gas increasingly replaces coal in the energy mix, lowering carbon emissions.

12 February 2012
Source: Chosun Ilbo, Korea

International Energy Agencys chief economist Fatih Birol said on Wednesday he believed Iraq could achieve a production target of 6.5 million bpd by 2015 but that it could take up to 20 years to increase it to 8 million bpd. "Many Iraqi interlocutors I met are talking about 6.5 million bpd by 2015 and I dont think that this is an unrealistic target, but of course many challenges remain," Birol told Reuters in an interview. Birol was in Iraq to meet oil officials and industry experts ahead of a big IEA report on Iraq due in Nov. 2012. "We have projected that Iraq production can come to around 8 million bpd in the next 20 years. That can be higher and lower depending on global oil markets," he said. "If this 8 million bpd - which as I said is the highest growth among all the producing countries - doesnt take place, we will definitely be in difficulty ... in terms of tightness in global oil markets," he said.

10 February 2012
Source: Trade Arabia

The chief economist of the International Energy Agency, Fatih Birol, and the former German environmental minister and director of the UN environmental program Klaus Töpfer, were on a supervisory panel of a new study by Deutsche Post DHL: “Delivering Tomorrow: Logistics 2050”. The study, which unveiled five visions of the future and their impact on trade, business and society, was compiled by 42 industry experts from organisations such as the World Economic Forum, the Rocky Mountain Institute, the Copenhagen Institute for Futures Studies, the World Business Council for Sustainable Development and Greenpeace International.

3 February 2012
Source: Russia Today

In an interview with Caixin, the Chief Economist of the International Energy Agency, Dr. Birol spells out the obstacles China faces in securing oil supplies, the need for it to improve energy efficiency, the challenges for alternative energy in the country, as well as the impact of geopolitics on the world’s oil supply. To read the full interview, click here.

31 January 2012
Source: Bloomberg BNA

Major Middle Eastern oil producers will step in to fill any gap caused by supply shortages this year, the IEAs chief economist Fatih Birol said today in Seoul, while global energy demand will eventually recover from a fall caused by economic slowdown. Oil demand is falling for the first time since the global economic crisis of 2008-2009, the International Energy Agency, which advises industrial countries on energy policy, said in January. It cut its 2012 demand growth forecast by 220,000 barrels per day from its previous monthly report to 1.1 million bpd. "We may see a slowing down of global energy demand this year because of the slowing down of the economy," Birol said. "But well still see global growth in demand (in the longer term), unless we see a major recession from European countries."

29 January 2012
Source: Forbes

Presenting the latest World Energy Outlook in Seoul on Friday, IEA Chief Economist Fatih Birol said that “in the aftermath of Fukushima, there is a temporary shift away from nuclear, but it is inevitable that nuclear energy will expand in the future in order to address energy security and climate change”. He warned, however, that “due to the economic situation, discussion on investment in energy, in particular nuclear energy, has taken a back seat”. Looking ahead, Dr. Birol stressed that “we also need to look at the direction in which China will head, especially in the transport sector."

26 January 2012
Source: National Geographic

Russia will remain China and India’s corner stone for energy for many years, said Fatih Birol, Chief Economist at the International Energy Agency, today in Moscow. But it needs to invest more into the industry and learn to save energy. “Russia is going through the best times in terms of energy, last year Russia made about $300 billion out of oil and gas”, says Birol. He believes the nuclear accident in Japan and the ‘Arab Spring’ proved how essential the country is to the global energy system. However, it needs to adapt to the changing consumption landscape. “All the energy demand will come from four countries: China, China, China and India,” Birol says. “Economic growth is there and the population is there.” But to meet the increasingly hungry eastern clients Russia needs to invest more in the industry. Mr. Birol estimates an additional $100 billion is needed, which could be spent on developing regions difficult to geological exploration. Yet, he adds the government should also create favourable tax regimes to attract companies into these areas.

25 January 2012
Source: Washington Post

Russia will remain China and India’s corner stone for energy for many years, said Fatih Birol, Chief Economist at the International Energy Agency, today in Moscow. But it needs to invest more into the industry and learn to save energy. “Russia is going through the best times in terms of energy, last year Russia made about $300 billion out of oil and gas”, says Birol. He believes the nuclear accident in Japan and the ‘Arab Spring’ proved how essential the country is to the global energy system. However, it needs to adapt to the changing consumption landscape. “All the energy demand will come from four countries: China, China, China and India,” Birol says. “Economic growth is there and the population is there.” But to meet the increasingly hungry eastern clients Russia needs to invest more in the industry. Mr. Birol estimates an additional $100 billion is needed, which could be spent on developing regions difficult to geological exploration. Yet, he adds the government should also create favourable tax regimes to attract companies into these areas.

23 January 2012
Source: Bloomberg

IEA chief economist Fatih Birol said that booming production of unconventional gas, among other things, could power the U.S. economic recovery and help to meet soaring worldwide energy demand while contributing to reduced energy-related carbon dioxide emissions. But first, governments have to address serious environmental problems that include water pollution and methane-gas venting linked to production and extraction of unconventional gas, he said. Birol said existing technology could reduce or eliminate most of these problems, at minimal cost, but in many cases it is not being used, including in the United States. The Paris-based agency is organizing a March 7 workshop in Warsaw convening government officials and regulators from major gas producing states, from the G-20 countries and elsewhere, as well as representatives from oil and gas companies and nongovernmental organizations, he said. IEA will release recommendations produced by the workshop in a study report in May, as an excerpt from its yearly World Energy Outlook that comes out in November, he said.

22 January 2012
Source: Gulf Times, Qatar

According to IEA research, 37 governments spent $409bn on artificially lowering the price of fossil fuels in 2010. Critics say the subsidies significantly boost oil and gas consumption and disadvantage renewable energy technologies, which received only $66bn of subsidies in the same year. Birol and the IEA said that a phase-out would avoid 750m tonnes of CO2 a year by 2015, potentially rising to 2.6 gigatonnes by 2035, a level sufficient to provide half the emissions reductions needed to limit global warming to 2C, considered the limit of safety by many scientists. “Fossil fuel subsidies are a hand brake as we drive along the road to a sustainable energy future,” he said. “Removing them would take us half way to a trajectory that would hold us to 2C.”

18 January 2012
Source: Eco-Business, Singapore

The European Union’s decision today to impose sanctions against the purchase of oil from Iran allows customers time to find alternative supply, the International Energy Agency said. Fatih Birol, the agency’s chief economist, said that there is no reason to take any action to release inventories amid concern that tensions over Iran’s nuclear program and sanctions may disrupt exports of Middle East oil.

18 January 2012
Source: 7Days, United Arab Emirates

Saudi Arabia has the capacity to make up for Iranian oil exports to Europe should the region’s leaders go ahead with an embargo, according to the International Energy Agency and the Centre for Global Energy Studies. “Saudi Arabia showed once again that they are the central banker of the oil industry,” Fatih Birol, chief economist at the IEA, a Paris-based adviser to developed economies, said in an interview in London on Friday.

18 January 2012
Source: Hürriyet Daily News, Turkey

Fatih Birol, chief economist at the International Energy Agency, talks about the price of oil. He speaks with Maryam Nemazee on Bloomberg Televisions "The Pulse" on the sidelines of the World Economic Forums annual meeting in Davos, Switzerland.

18 January 2012
Source: The Guardian

In President Obama’s third State of the Union address, he devoted more time than before to covering energy issues. One of the topics he mentioned is a call for an end to tax breaks for the petroleum industry. “We have subsidized oil companies for a century,” he said. “That’s long enough.” Obama has urged such a move several times before, as has Fatih Birol, chief economist of the International Energy Agency, who said cutting fossil fuel subsidies would get the world halfway to reaching ambitious goals for cutting greenhouse gas emissions.

17 January 2012
Source: Zawya Dow Jones

Fatih Birol, chief economist of the influential International Energy Agency (IEA), told energy industry executives in Abu Dhabi yesterday that as long as prices at the pump are artificially cheap, alternative forms of renewable energy will struggle to catch on. “Today, the most important roadblock for renewable energy implementation is the world’s fossil fuel subsidies,” said Birol, whose forecasts are read by oil ministers around the world. He put the value of global fuel subsidies at $400 billion and said they were a sign of muddled thinking by lawmakers. “You say you want to have a higher share of renewables then you protect and foster fossil fuels by giving substantial subsidies - it doesn’t work,” he said.

17 January 2012
Source: Business Green

At the World Future Energy Summit in Abu Dhabi, the person who was able to divert attention from the optimist atmosphere in general to the realities of life was the chief economist of the International Energy Agency, Fatih Birol. Look at what Fatih Birol, Ph.D., said: “Subsidiaries provided for fossil fuel in 2010 are around $409 billion. Only 8 percent of this has gone to the poor. Supporting fossil fuels on one hand and trying to increase the share of renewable energy on the other hand is not a wise approach.” I think Birol is 100 percent right. As long as these giant subsidies continue for fossil fuels, then renewable energy meetings are doing nothing more than paying lip service.

17 January 2012
Source: Khaleej Times, United Arab Emirates

Click here to see the Guardian Special on the World Energy Outlook’s work on fossil-fuel subsidies, including a link to download data as a spreadsheet.

8 January 2012
Source: Der Spiegel

Anyone who believes that renewable energies are the most subsidised forms of energy is wrong. Global subsidisation of fossil fuel consumption amounted to $409 billion – €321.3 billion – in 2010, said the International Energy Agency’s Chief Economist Fatih Birol today, adding that this aid is the biggest obstacle to the development of renewables. Fatih Birol noted that, in addition to aid for fossil fuels (coal, oil and gas), one of the major obstacles to the transition to a cleaner energy system is the financial and economic crisis that has led some leading European countries to reduce subsidies for renewable technologies. The IEA Chief Economist recalled that between 2000 and 2010 the increase in the use of coal as an energy source was almost equal to the sum of the increase in diesel, natural gas, nuclear and renewables. Moreover, the IEA’s World Energy Outlook shows that fuel subsidies are a very inefficient way of helping the poor: only 8 per cent of the $409 billion spent on subsidising fossil fuels in 2010 reached 20 per cent of the poorest people around the world.

22 December 2011
Source: The Australian

A global economic slowdown and the eurozone debt crisis have curbed government investment in renewable energy, experts warned Tuesday. “There are already some signs that government support may be slowing down in Europe,” chief economist at the International Energy Agency, Fatih Birol, warned participants in the World Future Energy Summit in Abu Dhabi. Birol named Germany and Spain as countries that have where support for renewables has apparently declined. He said that although the renewable energy sector was continuing to grow, its expansion was “far slower” than it should be to meet demand. “The energy sector needs long-term planning,” he said, arguing that “it would be a pity” if governments fail to fully support the development of renewables.

19 December 2011
Source: Oil & Gas Journal

Fatih Birol, chief economist at the IEA, told reporters at the World Future Energy Summit in Abu Dhabi yesterday that public deficits, along with falling green energy subsidies and decreasing demand for power in developed countries may hinder the expansion of renewable energy projects. "Governments attention is focusing on public deficits and legitimately so," he said. "When theres a fire in the kitchen you cant go to the library and think of what book to take on your summer holiday."Subsidies are falling […] and as a result of lower electricity demand, less power plants will be built. Renewable energy will still grow, but we may see a slowdown in that growth." Furthermore, "lower gas prices [will also] make life much more challenging for renewables," he added. Birols words came as UN chief Ban Ki-Moon today called on the private sector to support his newly launched campaign, Sustainable Energy for All, which marked the beginning of the UN Year of Sustainable Energy for All.

16 December 2011
Source: Bloomberg Businessweek

Speaking at an industry event before the OPECs announcement on production levels due later Wednesday, IEA Chief Economist Fatih Birol commented that OPEC should maintain its crude production at current levels or increase production due to tight fundamentals and weak economic conditions globally. "Any production lower than todays level will not be good news," with high prices already hurting a global economy mired in recession fears, Birol said. "I would like to see oil prices at lower levels compared to today." In a call to producers, Birol said lower output could push up prices and hurt the worlds economy even more, while falling stocks in developed countries and expected demand growth globally next year provide no reason for production cuts.

15 December 2011
Source:

High oil prices threaten to worsen a global economic slowdown and crude producers should consider boosting output, the chief economist for the International Energy Agency said on Wednesday. "The current high oil prices have the potential to strangle the economic recovery in many countries," Fatih Birol said in a speech in Singapore. "I hope that high oil prices dont slow down Chinese economic growth and the negative effect that would have on the global recovery." "Im sure Opec knows much better than me what to do," Birol said when asked if Opec should raise output. "But seeing that oil prices are still high today and the negative effect that has on the recovery of the global economy, I hope the energy producing countries will take these things into account and make their decision accordingly.", Birol said.

15 December 2011
Source: Energy Tribune

International Energy Agency Chief Economist Dr. Fatih Birol warned that the European debt crisis starts to be felt in the environmental field and that many governments are considering to simply withdraw government support for investments in renewable energy. Click here to read and listen to the full interview.

15 December 2011
Source: United Press International

International Energy Agency Chief Economist Dr. Fatih Birol expressed hopes that OPEC will "make a responsible decision" during its meeting next week. Furthermore, he described Saudi Arabia as the oil market "central bank", and said that all measures that Saudi Arabia is taking in the form of increased production or new investment "are definitely good news" for the market, referring to Tuesdays reports that Saudi Arabia increased production to 10 million barrels per day in November. “When looking at the oil market at the moment it becomes evident that demand will remain strong. There have been some disappointments from stock figures from non-EU countries and a total of stocks in OECD countries, a record low," Birol said.

15 December 2011
Source: Nasdaq

Earth could warm by as much as 6 degrees C, according to the International Energy Agency (IEA). Implementing the Cancun Agreements, negotiated at last years climate meeting, would bring that temperature rise down to 3.5 degrees C. But to hit the 2-degree C target, the energy sector would need to decrease CO2 output after its peak in 2020, explains Laura Cozzi, principal analyst in the office of the chief economist of the IEA. "Oil demand and coal demand will have to go down from current levels."

IEA warns high oil prices threaten global economy, suggests producers should raise output

14 December 2011
Source: Canadian Business

A boom in liquefied natural gas exports and growing demand in Asia may pave the way for a trading hub in Singapore and a benchmark price for the fuel, according to the International Energy Agency. “There is a huge, new wave of LNG projects coming to the market,” Fatih Birol, chief economist at the Paris-based International Energy Agency said in an interview in the city- state today, citing gas export plans in Australia and Papua New Guinea. “At the same time, we expect substantial growth of demand in Asia,” particularly in China and India, Birol said. The renegotiation of supply contracts by South Korea and Japan, the world’s biggest buyers, may also encourage more trade outside long-term contracts, Birol said. Most LNG is sold on a term basis, while fuel in the spot market is sold cargo-by- cargo. “Put all of them together, and I think we will see a golden age of gas in that region,” Birol said. “Therefore, there is a need for something like spot oil trading.” Singapore, the oil-trading hub of Asia, is “very appropriate” base to build LNG trading, Birol said. A spot market in the city could be developed “through 2020,” he said.

14 December 2011
Source: Bloomberg

The International Energy Agency (IEA) has urged governments to cut their carbon emissions, given a new report that shows developing nations in particular will drive nine-tenths of the growth in global energy demand in the next 25 years. Even as high oil prices of more than US$100 a barrel limit economic growth, developing nations like China, India, Indonesia and Brazil will continue to consume more and more energy, said Dr Fatih Birol, chief economist of the intergovernmental energy organisation yesterday. Dr Birol was speaking to an audience of government and business representatives and journalists at the launch of the World Energy Outlook 2011 here.

14 December 2011
Source: Guardian

Finance remained a key mechanism in ensuring that MDG goals were achieved, and Thompson added that governments could not close this gap by themselves and needed support from the private sector. This was further emphasised by deputy head in the office of the chief economist at the International Energy Agency (IEA) Laura Cozzi, who said that modern energy was critical to social and economic development goals.

13 December 2011
Source: The Australian

Earth could warm by as much as 6 degrees C, according to the International Energy Agency (IEA). Implementing the Cancun Agreements, negotiated at last years climate meeting, would bring that temperature rise down to 3.5 degrees C. But to hit the 2-degree C target, the energy sector would need to decrease CO2 output after its peak in 2020, explains Laura Cozzi, principal analyst in the office of the chief economist of the IEA. "Oil demand and coal demand will have to go down from current levels."

13 December 2011
Source: Sydney Morning Herald

Finance remained a key mechanism in ensuring that MDG goals were achieved, and Thompson added that governments could not close this gap by themselves and needed support from the private sector. This was further emphasised by deputy head in the office of the chief economist at the International Energy Agency (IEA) Laura Cozzi, who said that modern energy was critical to social and economic development goals.

12 December 2011
Source: Reuters

Fatih Birol, the International Energy Agencys chief economist has said if new production is not brought on stream, oil prices could reach $150 a barrel within a few years. He said that major Middle East and North African producers would be the overwhelming sources of new supply, but that there were signs that governments were diverting investment away from oil. "So if the investment doesnt come through as much as we expect to see, this may give an additional boost to prices, and according to our analysis, we may see $150 (per barrel) around 2015," Birol said.

12 December 2011
Source: Sydney Morning Herald

International Energy Agency chief economist Dr Fatih Birol said existing emissions were already 80 per cent of the total limit to meet the Copenhagen agreement to reduce global temperatures to 2 degrees. By 2015 existing infrastructure would reach 95 percent of emissions, with 100 per cent totals in 2017. "The door is closing and closing forever," he told the Rio Tinto Energy Exchange in Brisbane this morning."There are some good steps made by counties on the climate change front but compared to the infrastructure already embedded in the energy sector the door to 2 degrees - which is a must for a decent life - is closing forever", Birol said.

12 December 2011
Source: Associated Press

The International Energy Agency yesterday welcomed the agreement by big polluting countries to discuss a new legal instrument to cut greenhouse gas emissions. The talks - if successful - would be concluded by 2015 and the pact would then take effect after 2020. The good news is for the first time, we have a road map that is supported and signed by all the governments, the agencys chief economist, Fatih Birol, said yesterday during a visit to Canberra. Dr Birol said that an international treaty was needed to encourage investment in clean energy technology. He also praised Australias carbon price, as well as that in Europe and also Chinas pilot carbon prices in seven cities and provinces, as steps in the right direction. The agencys World Energy Outlook 2011, which it released last month, concluded that the world had just five years to make urgent and radical policy changes to avoid locking in dangerous climate change.

12 December 2011
Source: Herald Sun, Australia

High oil prices threaten to worsen a global economic slowdown and crude producers should consider boosting output, the chief economist for the International Energy Agency said Wednesday."The current high oil prices have the potential to strangle the economic recovery in many countries," Fatih Birol said in a speech Wednesday in Singapore. "I hope that high oil prices dont slow down Chinese economic growth and the negative effect that would have on the global recovery."

11 December 2011
Source: AMEInfo, United Arab Emirates

A boom in liquefied natural gas exports and growing demand in Asia may pave the way for a trading hub in Singapore and a benchmark price for the fuel, according to the International Energy Agency. “There is a huge, new wave of LNG projects coming to the market,” Fatih Birol, chief economist at the Paris-based International Energy Agency said in an interview in the city- state today, citing gas export plans in Australia and Papua New Guinea. “At the same time, we expect substantial growth of demand in Asia,” particularly in China and India, Birol said.

9 December 2011
Source: Times of India

The absence of a global legally binding agreement on climate change, along with a rethink on nuclear energy, risks a failure to arrest catastrophic temperature rises, the International Energy Authoritys chief economist says. IEA chief economist Fatih Birol said the pact agreed in Durban on the weekend was good news because it was supported by and signed by all governments who need to be involved. "However the question mark I have in my mind is I hope it wouldnt leave some of the countries not to act for the next 10 years or act efficiently which would mean closing the door to 2C," Mr Birol told reporters in Canberra today.

9 December 2011
Source: Sveriges Radio, Sweden

“A key battle in the campaign to build an effective system of global rules will shortly take place in Durban, where the UN climate negotiations reopen at the end of this month. The International Energy Agency has set the scene, with the timely warning in its new World Energy Outlook that we are way off track to avoid dangerous climate change, and that the window for effective action is closing fast”, says UK Foreign Offices special representative for climate change John Ashton.

9 December 2011
Source: Dagens Industri, Sweden

International Energy Agency chief economist Fatih Birol said that "Saudi Arabia is the central banker of the oil market and the decision that they will bring more oil to the market is definitely a good one", welcoming Saudi Minister Ali I. Al-Naimis view that Saudi Arabia is “reacting to market demand”. Read the full article on the Oil & Gas Journal site (registration required).

8 December 2011
Source: China Daily

We assume that the structure of the oil and gas industry remains dominated by Russian state and private companies, the Paris-based IEA said Wednesday in its World Energy Outlook. "Despite intermittent signs from the government of a desire to open the Russian oil and gas industry to foreign investment, history suggests this is likely to be a slow process." Russia will need to invest an average of almost $58 billion a year in its oil and gas industry to 2035 to stem output declines and start new fields, it said. With this investment, oil production will plateau for the next five years at 10.5 million barrels per day and drop to about 9.7 million a day in 2035, the IEA said. Exports will also fall, declining to 6.4 million bpd from 7.5 million in 2010. In the gas industry, output will climb to 860 billion cubic meters in 2035 from 637 billion last year, and exports will rise "substantially" to about 330 bcm in 2035 from 190 bcm in 2010, the IEA said.

8 December 2011
Source: The Australian Financial Review

Oil prices could reach $150 a barrel in a few years if new production is not brought on stream, the International Energy Agencys chief economist said today in Stockholm. Fatih Birol said that key Middle East and North African producers would be the overwhelming sources of new supply but that there were signs that governments were diverting investment away from oil. "So if the investment doesnt come through as much as we expect to see, this may give an additional boost to prices, and according to our analysis, we may see $150 (per barrel) around 2015," Birol told reporters.

8 December 2011
Source: Bloomberg

The International Energy Agency (IEA) said a boost in Saudi oil output would provide welcome relief from the threat that high fuel prices pose to efforts to revive the global economy. The IEA has warned that benchmark Brent oil prices over $100 a barrel are a threat to the global economy. Brent traded at over $108 a barrel on Monday. The Saudi November output rise was timely, given low global oil inventories and poor output from non-OPEC oil producers, IEA chief economist Fatih Birol told a seminar in Australia on Monday. "OECD stock levels are at historically low levels, plus we are in a very fragile economic recovery situation," Birol said. "And higher prices than we have now can strangle economic recovery efforts worldwide, therefore the Saudi production boost currently and in the future will be very much welcomed."

7 December 2011
Source: Zawya, United Arab Emirates

Oil could reach $150 a barrel in the years ahead without sufficient investment in the Middle East, the International Energy Agency (IEA) warns. In its latest World Energy Outlook, the group says factors such as the conflict in Libya and the economic slowdown have kept the price of oil relatively high over the year to date. North Sea Brent crude oil futures have averaged over $100 (£63) per barrel throughout 2011. The IEA predicts further upward pressure will come from increased demand in the years ahead. Oil demand is tipped to rise from 87m barrels a day in 2010 to 99m a day by 2035, driven by transportation in emerging economies. The outlook also says questions over the future use of nuclear energy have been raised by the Fukushima Daiichi emergency in Japan and coal’s prospects are hampered by the regulatory and technical barriers to more efficient power plants and carbon capture and storage facilities.

7 December 2011
Source: Scientific American

World oil prices may jump to US$150 a barrel if current investment levels are not maintained in the Middle East and North Africa. This is according to the International Energy Agency (IEA), which held its annual world energy outlook seminar in Singapore yesterday. Dr Fatih Birol, the chief economist at IEA, told MediaCorp that oil producing countries need to spend US$100 billion (S$130 billion) per year on upstream investment and production over the next four years to ensure output meets demand. Demand is growing fastest in emerging economies including China, he added.

7 December 2011
Source: Scientific American

The chief economist of the International Energy Agency, Fatih Birol, said it would be "virtually impossible" to limit global temperature rises to 2C unless carbon capture and storage were a part of the energy mix.

6 December 2011
Source: Time Magazine

Presenting the 2011 World Energy Outlook today in Istanbul, International Energy Agency Chief Economist Dr. Fatih Birol said that the world may well be entering a “golden age of natural gas” and that Australia would replace Qatar as the world’s largest gas producer within the next 10 years. The positive natural gas supply prospects represent an important opportunity for importing countries such as Turkey. “Envisaging lower gas prices, Turkey should utilize well the chance to renegotiate its long-term contracts”, Birol added.

6 December 2011
Source: Reuters

We assume that the structure of the oil and gas industry remains dominated by Russian state and private companies, the Paris-based IEA said Wednesday in its World Energy Outlook. "Despite intermittent signs from the government of a desire to open the Russian oil and gas industry to foreign investment, history suggests this is likely to be a slow process." Russia will need to invest an average of almost $58 billion a year in its oil and gas industry to 2035 to stem output declines and start new fields, it said. With this investment, oil production will plateau for the next five years at 10.5 million barrels per day and drop to about 9.7 million a day in 2035, the IEA said. Exports will also fall, declining to 6.4 million bpd from 7.5 million in 2010. In the gas industry, output will climb to 860 billion cubic meters in 2035 from 637 billion last year, and exports will rise "substantially" to about 330 bcm in 2035 from 190 bcm in 2010, the IEA said.

5 December 2011
Source: Engineering News

International Energy Agency chief economist Fatih Birol, visiting Australia this week to brief government and industry representatives on the global energy outlook, said Australias coal exports are expected to rise by 20 percent to 300 million tons annually by 2020. "Australia is gearing up for a massive export-focused expansion," he said. Australia needs new port infrastructure to avoid persistent bottlenecks in exporting coal, Birol said. In its recent Global Energy Outlook for 2011, IEA said coal has met nearly half of the increase in the worlds energy demand over the last decade and it expects that figure to increase to 65 percent by 2035.

5 December 2011
Source: Engineering News

In an interview with Der Spiegel, International Energy Agency Chief Economist Dr. Fatih Birol has warned about turbulences in the oil market in the wake of EU sanctions on Iran and Iran’s threat to block the strategically important Strait of Hormuz. Click here to read the full article.

2 December 2011
Source: Financial Times

Speaking at the Turkey launch of the latest World Energy Outlook in Istanbul, International Energy Agency Chief Economist Dr. Fatih Birol said that “the global economy is currently facing significant threats of Europe, the US and Asia entering into a second recession”. “These significant economic worries have delayed action on energy and climate change issues”, he added. Moreover, recent developments in the Middle East and North Africa have caused some significant concern with regards to oil supply from this region, Birol said.

1 December 2011
Source: Hürriyet, Turkey

Oil could reach $150 a barrel in the years ahead without sufficient investment in the Middle East, the International Energy Agency (IEA) warns. In its latest World Energy Outlook, the group says factors such as the conflict in Libya and the economic slowdown have kept the price of oil relatively high over the year to date. North Sea Brent crude oil futures have averaged over $100 (£63) per barrel throughout 2011. The IEA predicts further upward pressure will come from increased demand in the years ahead. Oil demand is tipped to rise from 87m barrels a day in 2010 to 99m a day by 2035, driven by transportation in emerging economies. The outlook also says questions over the future use of nuclear energy have been raised by the Fukushima Daiichi emergency in Japan and coal’s prospects are hampered by the regulatory and technical barriers to more efficient power plants and carbon capture and storage facilities.

1 December 2011
Source: NTV MSNBC, Turkey

Envoys at last year’s climate talks in Cancun, Mexico, set a goal to contain global warming to 2 degrees Celsius (3.6 Fahrenheit) since the 19th century. Pledges made so far, which aren’t legally binding, are insufficient, according to the IEA. “With current policies in place, global temperatures are set to increase 6 degrees Celsius, which has catastrophic implications,” IEA Chief Economist Fatih Birol said. “If as of 2017 there is not a start of a major wave of new and clean investments, the door to 2 degrees will be closed.”

1 December 2011
Source: Milliyet, Turkey

The oil market so far has not factored in the effects of a potential Eruopean Union oil embargo on Iran, the Chief Economist of the International Energy Agency said Wednesday. “We have not yet seen major implications of these discussions on imports from Iran,” Birol said at a conference in Brussels. “We will have to see what would be the implications, but I can tell you Iran is one of the key (oil) producers today,” Birol added. Read the full article on the Zawya site (registration required).

29 November 2011
Source: Washington Post

International Energy Agency Chief Economist Fatih Birol has warned that important cuts in renewable energy subsidies could have far-reaching consequences for the worldwide use of renewable energy technologies. Speaking at the Turkey launch of the 2011 World Energy Outlook today in Istanbul, Birol also said that if oil prices were to stay at current levels, interest in alternative vehicles, especially electric and hybrid, would increase. When turning to the outlook for natural gas, Birol said that all signs were indicating that the world “may well be entering a golden age of gas”. This, however, should be accompanied by strong regulatory standards to reduce the environmental impact of increased gas use, Birol added.

28 November 2011
Source: People’s Daily Online, China

Thats one reason Fatih Birol — the Turkish-born chief economist of the International Energy Agency (IEA) — has one of the toughest jobs in the world. Birol helps put together the IEAs annual World Energy Outlook, a much anticipated report that gathers trends in global energy use and tries to project them into the future. And a lot of those trends are very worrying. The IEA has said that current global-energy-consumption patterns put the earth on a trajectory to warm by nearly 11°F (6°C) above preindustrial levels by 2100 if we do nothing to change them — climate change that would in effect mean an entirely different planet. "That would be a catastrophe for all of us," Birol said last week at a talk at the Council on Foreign Relations in New York City.

28 November 2011
Source: Platts

Fatih Birol, chief economist at the IEA, told Reuters that one in two of all hybrid cars or cars powered with natural gas or electricity will be sold in China in the next 20 years, even without a binding climate agreement. The Paris-based IEA expects Chinas electricity demand to grow by a yearly average of 4 percent to reach 9,000 terawatt hours by 2035. This is 18 times the consumption of a country like France and a tripling of Chinas 2009 consumption levels. "It will significantly bring down the cost of wind turbines and PV solar modules," Birol said in a telephone interview. "This is good news for China and the rest of the world." The IEA however expects Chinas renewable energy capacity in its energy mix to remain below Latin Americas, the European Unions, Indias and the United States by 2035, it said in its 2011 World Energy Outlook (WEO).

27 November 2011
Source: Financial Times

The International Energy Agency (IEA) echoed a similar view in its World Energy Outlook published in November, predicting that over the next 25 years, 90 per cent of the projected growth in global energy demand will come from non-Organisation for Economic Co-operation and Development member countries. China alone is expected to account for more than 30 per cent. Fatih Birol, IEA’s chief economist, has warned that more than 90 per cent of growth in oil production needs to come in the Middle East and north Africa because of the decline in output from fields in other parts of the world. Read the full article on the FT site (registration required).

26 November 2011
Source: Regulación Eólica con Vehículos Eléctricos, Spain

The chief economist for the International Energy Agency said Monday that current global energy consumption levels put the Earth on a trajectory to warm by 6 degrees Celsius (10.8 degrees Fahrenheit) above pre-industrial levels by 2100, an outcome he called “a catastrophe for all of us.” Fatih Birol spoke as as delegates from nearly 200 countries convened the opening day of annual U.N. climate talks in Durban, South Africa. “Everybody, even the schoolchildren, knows this is a catastrophe for all of us,” he said at the Carnegie Endowment for International Peace. Birol spoke in unusually blunt terms about the climate implications of the global energy mix, implications that are disputed by many conservatives in the United States who don’t believe in the connection between human activity and climate change. David Burwell, who directs the energy and climate program at the Carnegie Endowment, said Birol’s comments have “big implications for capital investment in energy,” though he noted that it will be oil executives and others in the private sector who will drive many of the key decisions.

25 November 2011
Source: Mail & Guardian, South Africa

Fatih Birol, IEAs chief economist at the International Energy Agency said most Iranian oil exports go to Asia, and he does not see the expanding western sanctions having a "major impact" on global supply or prices. Birol urged OPEC against calling for output cuts at next months meeting in Vienna. "Oil prices are uncomfortably high today, especially in the times of economic recovery," Birol said after presenting IEAs World Energy Outlook at the Carnegie Endowment for International Peace in Washington."I hope to see that our colleagues in the producing countries would read the market signals, such as the high oil import bills of the countries and second the inflationary pressures in some countries and the growing trade imbalances in some countries seriously and make their decisions accordingly," Birol added.

25 November 2011
Source: Bloomberg

The International Energy Agency hopes that the Organization of Petroleum Exporting Countries will make a "responsible decision" on oil production at its meeting in Vienna next week, Chief Economist Fatih Birol said. Demand remains strong, driven by China and the Middle East, crude stockpiles in Organization for Economic Cooperation and Development countries are coming to "low levels" and high oil prices are risky for the global economy, he said today in Warsaw. “There’s disappointing news from non-OPEC producing countries,” he said, without giving more details. "Producers need clients with healthy economies and I hope my colleagues from producing countries will make responsible decisions considering those facts," Birol said

24 November 2011
Source: Reuters

Envoys at last year’s climate talks in Cancun, Mexico, set a goal to contain global warming to 2 degrees Celsius (3.6 Fahrenheit) since the 19th century. Pledges made so far, which aren’t legally binding, are insufficient, according to the IEA. "With current policies in place, global temperatures are set to increase 6 degrees Celsius, which has catastrophic implications,” IEA Chief Economist Fatih Birol said. “If as of 2017 there is not a start of a major wave of new and clean investments, the door to 2 degrees will be closed."

24 November 2011
Source: Agenzia Giornalistica Italia

Amid growing evidence that the standoff between rich and poor nations over signing up to a second Kyoto commitment period will not be resolved at next weeks COP17 conference in Durban, parties are discussing fall-back positions. Postponing an operational agreement until 2020 would be fatal to hopes of avoiding catastrophic climate change, said Fatih Birol, chief economist at the International Energy Agency and one of the worlds foremost authorities on climate economics. "If we do not have an international agreement whose effect is put in place by 2017 then the door [to holding temperatures below 2°C] will be closed forever," he said.

24 November 2011
Source: Der Standard, Austria

Fatih Birol, IEA chief economist said that he would recommend EU policy makers to continue to support renewable development, if they want to go down in the history books. "Scrapping support mechanisms now would have dire consequences for the world," he said.

24 November 2011
Source: Die Presse, Austria

The European Union’s oil import costs have soared to more than $400bn this year as crude prices continue to trade above $100 a barrel, heightening concerns about their impact on the region’s economy, the International Energy Agency has warned. The high prices are putting "an additional burden on recovery efforts,"said Fatih Birol, chief economist at the leading energy watchdog. "If they stay at these levels in the coming months, they could well strangle the economic recovery," he added. In its World Energy Outlook, the agency said that to the year 2035, more than 90 per cent of future growth in oil production needed to come from countries in the Middle East and North Africa."If, between 2011 and 2015, investment in the MENA region runs one-third lower than the $100bn per year required, consumers could face a near-term rise in the oil price to $150/barrel," it said. Read the full article on the FT site (registration required).

24 November 2011
Source: Bloomberg

There is an urgent need for governments to define objectives and implement necessary policies to address global energy challenges, said International Energy Agency (IEA) chief economist Fatih Birol in Washington D.C. on Monday. The recently-released World Energy Outlook 2011 showed that in the climate change mitigation scenarios, four-fifths of the total energy-related carbon dioxide emissions permissible by 2035 are already "locked-in" by our existing power plants, factories, and other infrastructures. Birol warned that if strict and new action is not taken by 2017, the existing energy-related infrastructure will not have enough room for additional carbon dioxide emission to stay within the global average temperature increase of 2 degrees Celsius, above which point would be considered intolerably dangerous climate change.

19 November 2011
Source: Arabian Gazette, United Arab Emirates

International Energy Agency Chief Economist Dr. Fatih Birol warns that the world economic and financial crisis is delaying action against climate change and the world is losing “crucial years”. See here for the full interview with Austrian daily newspaper Die Presse.

18 November 2011
Source: Mail & Guardian, South Africa

Energy policy must consider climate change as must as energy security, says International Energy Agency Chief Economist Dr. Fatih Birol. See here to see full interview with Austrian daily newspaper Der Standard.

17 November 2011
Source: Erneuerbare Energien News, Switzerland

IEA chief economist Fatih Birol warns rising oil prices may stifle economic recovery. According to Birol the state of the global economy is more fragile than in 2008-09, especially in Asia. "I think the price of oil today is capable of strangling economic recovery efforts," Birol said today in Vienna, and ranked Europe and Asia among the most vulnerable economies to such high price levels.

16 November 2011
Source: Climate Spectator, Australia

Russia would be overtaken by Saudi Arabia as the world’s largest crude oil producer by 2015, according to the World Energy Outlook 2011 report published by the International Energy Agency (IEA). The agency suggested it is the result of the output at new Russian fields that failed to compensate rapidly declining mature deposits. The IEA mentioned in its WEO-2011 that Russia would now concentrate on supplying natural gas to China and transforming itself into a major source of the fuel rather than gas export monopoly. Russia took over Saudi Arabia’s production of oil during the economic crisis in 2009 when OPEC’s crude output declined.

15 November 2011
Source: New Zealand Energy & Environment Business Week

Regardless of any political ambitions to the contrary, global energy supply will for many years be dominated by fossil fuels. The world must also accept that demand for energy will continue to grow, said the International Energy Agency in its recently published annual report, the World Energy Outlook. "Global energy demand will grow 40 percent by 2035. Not least, spurred by economic growth in China and other large developing countries, global energy consumption annually increase by 1.3 percent," says the IEA. According to the report, half of global oil demand will come from China, mainly owing to increased car ownership. "There are about 800 million cars today and the agency expects this to more than double to 1.7 billion in 2035”, IEA Chief Economist Dr Fatih Birol said in an interview.

15 November 2011
Source: Jyllands Posten, Denmark

The current oil price could stifle efforts to get the global economy back on its feet, and may also be a risk for growth in Asia, the International Energy Agencys chief economist said on Thursday. "I believe oil prices are well-positioned today to strangle the economic recovery efforts," the IEAs Fatih Birol told Reuters on the sidelines of a seminar in Vienna. Asked whether the oil-producing bloc should increase production because of the danger to the global economy, Dr. Birol said it was up to OPEC. "I hope that colleagues from the producing countries are also looking at the market indicators carefully, including the diminishing OECD stocks levels and the fragility of the global economic situation and make their decisions by taking into account all of these indicators," he said. "I think the producing countries also need clients with healthy economies."

15 November 2011
Source: Guardian

he International Energy Agency’s top economist said Tuesday that he in concerned that the European countries may cur further government subsidies for renewables energy should the global economic downturn continue. “With the big deficit problem, if these conditions continue I would expect further cuts on government subsidies,” Fatih Birol told Zawya Dow Jones at the sidelines of The World Future Energy Summit in Abu Dhabi. “If these subsidies are further cut and the renewable industry gets a big hit, it will be very difficult for the industry to come back as it is not as established as the oil sector and other traditional industries,” Birol said. Read the full article on the Zawya site (registration required).

14 November 2011
Source: Hindustan Times, India

The International Energy Agency has warned that the world is hurtling toward irreversible climate change and will lose the chance to limit warming if it doesnt take bold action in the next five years. In its annual World Energy Outlook, the agency spelled out the consequences if those steps arent taken and what needs to be done to cap global temperature increases at 2 degrees Celsius (3.6 degrees Fahrenheit) above preindustrial levels. That is the threshold beyond which some scientists have said catastrophic changes could be triggered. "We are going in the wrong direction in terms of climate change," he said in an interview and noted, for instance, that governments around the world have put increasing energy efficiency at the top of their to-do lists, but efficiency has worsened for two years in a row now.

14 November 2011
Source: International Herald Tribune

The energy-economic studies of the International Energy Agency’s (IEA) World Energy Outlook (WEO) are based on current trends in energy demand and supply. IEA Chief Economist Dr. Fatih Birol today presented the findings of the latest WEO 2011 in Bern at the Swiss Federal Office of Energy. According to him, important steps are made globally to address climate change, but warned that these were not sufficient and that the chances of reaching the goal of limiting the global temperature rise to 2°C were severely reduced.

14 November 2011
Source: Jakarta Globe, Indonesia

The International Energy Agency estimated that global demand for energy would rise by a third by 2035, with much of the demand fuelled by rapidly growing Asian nations. Current clean energy technologies were insufficient to meet carbon reduction targets so improving energy efficiency should be the top priority, it said. Presenting its annual World Energy Outlook report, its chief economist, Fatih Birol, said governments must slash subsidies for fossil fuels and push harder to increase energy efficiency. If energy consumption trends continued, Birol said, international agreement to cap temperatures at 2°C above pre-industrial levels would not be achieved and serious climate disruption could be triggered. "I am very worried. If we dont change direction now on how we use energy, we will end up beyond what scientists tell us is the minimum for safety. The door will be closed forever," he said.

13 November 2011
Source: Moscow Times

Every month now counts: if the world is to stay below 2C of warming, which scientists regard as the limit of safety, then emissions must be held to no more than 450ppm of carbon dioxide in the atmosphere; the level is currently around 390ppm. But the worlds existing infrastructure is already producing 80% of that "carbon budget", according to a new analysis by the IEA, published on Wednesday. This gives an ever-narrowing gap in which to reform the global economy on to a low-carbon footing. "The door is closing," Fatih Birol, of the International Energy Agency, said. "If we dont change direction now on how we use energy, we will end up beyond what scientists tell us is the minimum (for safety). The door will be closed forever."

13 November 2011
Source: Arab News

One of the worlds primary sources of energy data, the International Energy Agency, has issued a stark warning to world leaders unless theres concrete action to address climate change by 2017, the world will pass the point of no return on the journey to "dangerous" climate change. In its latest World Energy Outlook report, published last week, the IEA says global energy consumption will rise 1.3% annually to 16.96bn tonnes of oil equivalent by 2035, driven by the emerging economies such as China, India and Brazil. At the heart of the IEAs report is analysis saying current levels of greenhouse gas emissions equate to around 80% of the Earths available "carbon budget" if global temperature rises are to be kept below the threshold 2 degrees judged necessary to prevent highly unstable outcomes for the global climate. Fatih Birol, chief economist at the IEA, a relatively conservative organisation, says "the door is closing. If we dont change direction now how we use energy, we will end up beyond what scientists tell us is the minimum (for safety). The door will be closed forever." (registration required).

12 November 2011
Source: Forbes

In its World Energy Outlook report IEA said that state spending to cut retail prices of gasoline, coal and natural gas rose 36% to $409 billion as global energy costs increased. Aid for biofuels, wind power and solar energy, rose 10% to $66 billion. While fossil fuels meet about 80% of world energy demand, its subsidies are "creating market distortions that encourage wasteful consumption," IEA said. "The costs of subsidies to fossil fuels generally outweigh the benefits." Nuclear power made up 5.8% of total energy use in 2009.

12 November 2011
Source: Sydney Morning Herald

The International Energy Agency warned in its annual World Energy Outlook that if the world continues building greenhouse-gas-emitting factories and vehicles at the current pace for just the next five years, it ‘‘will lead to irreversible and potentially catastrophic climate change.’’ Then there is that rising demand. While normally a boon for any commodity, rising demand could clash with falling productivity at existing conventional wells and squeeze the industry. The falloff in existing fields will be five times greater than the increase in flow from unconventional sources, predicted Fatih Birol, the chief economist at the IEA.

11 November 2011
Source: Commodity Online

If Russia increased its energy efficiency in each sector to the levels of comparable (developed) countries, it could save almost 1/3 of its annual primary energy use, an amount similar to the energy used in one year by the United Kingdom, the International Energy Agency said in its latest World Energy Outlook. "Faster implementation of efficiency improvements and energy market reforms would accelerate the modernisation of the Russian economy and thereby loosen its dependency on movements in international commodity prices." Energy efficiency in Russia, although improved in recent years, remains low due to poor infrastructure and harsh climate. Total energy demand in Russia is projected to rise 28 per cent by 2035 to 830 million tonnes of oil equivalent at a 1-per cent average annual rate, with transportation growing the fastest, followed by industry and power sectors.

11 November 2011
Source: All Africa

According to International Energy Agency, the world may have a lot more natural gas than previously thought. The rise of “unconventional gas” production has recently taken center stage, transforming not only the outlook for the gas industry, but of the world energy market and international energy politics. For example, the IEA predicts that in 2020, US unconventional gas production will almost double the conventional onshore.

10 November 2011
Source: The National, United Arab Emirates

In its 2011 World Energy Outlook, the International Energy Agency forecasts one-third growth in demand projected in the next 25 years, which will require investment to avoid scarcity of resources. Although current economic pressures have lowered the price of crude, it remains high and it is projected to be $120 in 2035, and could grow to $150 if the main producing region, MENA, does not make – as is likely to happen – the necessary investment of $100 billion annually, IEA Chief Economist Dr. Fatih Birol indicated. “The new political situation in these countries following the revolutions could change investment priorities and that petroleum is left in favour of social or other spending”.

10 November 2011
Source: Aysor, Armenia

Every month now counts: if the world is to stay below 2C of warming, which scientists regard as the limit of safety, then emissions must be held to no more than 450ppm of carbon dioxide in the atmosphere; the level is currently around 390ppm. But the worlds existing infrastructure is already producing 80% of that "carbon budget", according to a new analysis by the IEA, published on Wednesday. This gives an ever-narrowing gap in which to reform the global economy on to a low-carbon footing. "The door is closing," Fatih Birol, of the International Energy Agency, said. "If we dont change direction now on how we use energy, we will end up beyond what scientists tell us is the minimum (for safety). The door will be closed forever."

10 November 2011
Source: Natural Gas Vehicles Global News

According to the IEA 2011 World Energy Outlook, we have just five more years to shift global energy policy enough to avoid locking in high levels of warming as well. Fatih Birol, the IEAs chief economist, put it this way: "As each year passes without clear signals to drive investment in clean energy, the lock-in of high-carbon infrastructure is making it harder and more expensive to meet our energy security and climate goals." Theres a price to delaying action on climate and energy policy—which is exactly what were doing. The longer we delay, the worse it will get—and the harder it will be to save ourselves. Theres plenty more worth reading in the IEA report—check out the executive summary here (PDF)—especially on the declining role of nuclear post-Fukushima, and the global rise of gas. But at least remember the takeaway: act now or never on energy and climate.

10 November 2011
Source: Emirates 24/7, United Arab Emirates

The International Energy Agency (IEA), which issued yesterday World Energy Outlook 2011, predicts a sharp rise in world oil prices. According to Agency’s findings, temporary stress on the oil markets may weaken because of slower economic growth and the expected return of Libyan oil to the market, but the dynamics of supply and demand continues to exert strong influence on prices. "According to our assumptions, in scenarios of new strategies the average price of imported crude oil for the IEA countries will remain high, approaching to $120 per barrel in 2035 (at the rate of US dollar in 2010), i.e. more than $210 per barrel in nominal terms, although in practice the price volatility is likely to continue," it was reported.

10 November 2011
Source: Balkans Business News

Delaying expected oil and gas investment in the Middle-East and North Africa by just a third would push prices to $150 a barrel, the International Energy Agency (IEA) warned Wednesday. In its annual energy outlook, the IEA warns that “if between 2011 and 2015, investment in the MENA region runs one-third lower than the $100 billion a year required, consumers could face a near-term rise in the oil price to $150” a barrel. That is because increased production in the Middle East and North Africa will cover more than 90 percent of the extra barrels needed worldwide through 2035.

10 November 2011
Source: Hindustan Times, India

The International Energy Agency stressed in its annual World Energy Outlook report released last week that while Russia will remain crucial to the international energy market, its domestic inefficiencies are enormous. Russia wastes almost one-third of the energy that it uses — an amount similar to that consumed by Britain every year, the report said. Potential yearly savings of natural gas alone, about 180 billion cubic meters, are equivalent to Gazproms entire annual export volumes.

10 November 2011
Source: Time Magazine

By the time your kindergartener is off to college and maybe even graduating, China will consume enough oil equivalent energy as the United States and European Union…combined. In fact, according to the International Energy Agency’s World Energy Outlook, published Nov. 9, China will consume more energy than India, Brazil and the EU. Over the next 25 years, 90% of the projected growth in global energy demand comes from non-OECD economies. China alone accounts for more than 30%, consolidating its position as the world’s largest energy consumer. In 2035, China consumes nearly 70% more energy than the U.S., which will be the second-largest consumer, even though by then per-capita energy consumption in China will still be less than half the level in the U.S.

10 November 2011
Source: Azerbaijan Business Center

The International Energy Administration (IEA) said on Thursday that if unrest in Africa and Gulf continue, Brent Crude Oil could spike above its all-time high of $147/bbl very easily and this would ultimately put further strain on global economy. "In 2011, $102 is the average price through to today which means the global economic recovery is at risk. We are in the danger zone for the global economy at current levels. There is a possibility that production growth from the (Middle East and North Africa, MENA) region may not be what the consumers would like to see. This would be a pity for the global economy, a pity for the oil sector and a pity for those governments”, IEA economist Fatih Birol spoke to reporters in a news conference.

10 November 2011
Source: Saudigazette, Saudi Arabia

The International Energy Agencys (IEA) annual flagship publication, the “World Energy Outlook 2011,” stresses that increasing investments in high-carbon infrastructure are making the 2°C international climate change goal more challenging and expensive to meet. The report, which looks at three energy scenarios to 2035, warns that, “Without a bold change of policy direction, the world will lock itself into an insecure, inefficient and high-carbon energy system.” The report reconfirms the end of cheap oil, anticipates an upcoming “golden age” for natural gas, and sees renewables being pushed towards center stage, with non-hydroelectric renewables alone expected to rise from the 3% of global energy production seen in 2009 to 15% in 2035.

10 November 2011
Source:

The International Energy Agency (IEA) has published its annual report World Energy Outlook 2011 (WEO). In it the IEA warns that without a bold change of policy direction, the world will lock itself into an insecure, inefficient and high-carbon energy system which would have far-reaching consequences. At the London release, the report says there is still time to act, but the window of opportunity is closing. The natural gas share in the energy mix rises and gas use almost catches up with coal consumption, underscoring key findings from a recent WEO Special Report, precursor to WEO 2011, which examined whether the world is entering a “Golden Age of Gas”.

10 November 2011
Source: Hindustan Times

We assume that the structure of the oil and gas industry remains dominated by Russian state and private companies, the Paris-based IEA said Wednesday in its World Energy Outlook. "Despite intermittent signs from the government of a desire to open the Russian oil and gas industry to foreign investment, history suggests this is likely to be a slow process." Russia will need to invest an average of almost $58 billion a year in its oil and gas industry to 2035 to stem output declines and start new fields, it said. With this investment, oil production will plateau for the next five years at 10.5 million barrels per day and drop to about 9.7 million a day in 2035, the IEA said. Exports will also fall, declining to 6.4 million bpd from 7.5 million in 2010. In the gas industry, output will climb to 860 billion cubic meters in 2035 from 637 billion last year, and exports will rise "substantially" to about 330 bcm in 2035 from 190 bcm in 2010, the IEA said.

10 November 2011
Source: Balkans Business News

Oil could reach $150 a barrel in the years ahead without sufficient investment in the Middle East, the International Energy Agency (IEA) warns. In its latest World Energy Outlook, the group says factors such as the conflict in Libya and the economic slowdown have kept the price of oil relatively high over the year to date. North Sea Brent crude oil futures have averaged over $100 (£63) per barrel throughout 2011. The IEA predicts further upward pressure will come from increased demand in the years ahead. Oil demand is tipped to rise from 87m barrels a day in 2010 to 99m a day by 2035, driven by transportation in emerging economies. The outlook also says questions over the future use of nuclear energy have been raised by the Fukushima Daiichi emergency in Japan and coal’s prospects are hampered by the regulatory and technical barriers to more efficient power plants and carbon capture and storage facilities.

10 November 2011
Source: Emirates 24/7, United Arab Emirates

In its 2011 World Energy Outlook, the International Energy Agency forecasts one-third growth in demand projected in the next 25 years, which will require investment to avoid scarcity of resources. Although current economic pressures have lowered the price of crude, it remains high and it is projected to be $120 in 2035, and could grow to $150 if the main producing region, MENA, does not make – as is likely to happen – the necessary investment of $100 billion annually, IEA Chief Economist Dr. Fatih Birol indicated. “The new political situation in these countries following the revolutions could change investment priorities and that petroleum is left in favour of social or other spending”.

10 November 2011
Source: Natural Gas Vehicles Global News

The Fukushima nuclear disaster in Japan and the apprehensions of protracted debt-triggered economic slump in the Eurozone have been moving global policy leaders to re-think the future’s energy mix. In the 2011 World Energy Outlook (WEO), the IEA hints of a “low nuclear case” because of the “rapid slowdown in the use of nuclear power” following the Fukushima disaster. Separately, at the B20 Business Summit on the fringes of the G20 summit in Cannes, Dr. Fatih Birol, IEA chief economist, disclosed that based on their updated WEO, “$38 trillion of investment is required to meet projected energy demand through 2035.” The breakdown will be: $16.9 trillion for power generation; $10 trillion for oil; $9.5 trillion for natural gas; $1.1 trillion for coal; and $0.3 trillion for biofuels. Dr. Birol albeit warned that “investors in energy projects are facing a multitude of risks.” The defining factors for the energy outlook set sharp focus on: worldwide access to energy; fossil fuel subsidies and investment in energy infrastructure.

10 November 2011
Source: 3News, New Zealand

The International Energy Agency’s authoritative World Energy Outlook for 2011 warned that countries are in danger of “locking in” a future that would see average temperatures rise by 3.5 degrees Centigrade, far above the two-degree increase considered the manageable limit. Calculations by the IEA, unveiled in London last week by chief economist Fatih Birol, showed world CO2 emissions rising according to its central “New Policies Scenario” from 28.8 gigatonnes in 2009 to 35.7Gt in 2030 and 36.4Gt in 2035. Total electricity generation is now expected to rise from 20,043TWh in 2009 to 33,417TWh in 2030 and 36,250TWh in 2035.

9 November 2011
Source: Bloomberg

Global oil demand is set to grow by 14.0 per cent by 2035, pulled by China and emerging economies and the price could reach 120 dollars per barrel, the IEA said in its annual report on Wednesday. "Without a bold change of policy direction, the world will lock itself into an insecure, inefficient and high-carbon energy system," the International Energy Agency said. The agency estimated in its World Energy Outlook publication that global demand for oil would total 99 million barrels per day in 2035, or 12 mbd more than in 2010, and said that the price could reach $120 per barrel despite current price volatility.

9 November 2011
Source: Associated Press

The world is headed for an irreversible climate change in five years, the IEA warns in its 2011 World Energy Outlook, released today in London. The world is likely to build so many new fossil-fuelled power stations, energy-guzzling factories and inefficient buildings in the next five years that it will become impossible to hold global warming to safe levels, and the last chance of combating dangerous climate change will be "lost for ever", according to the most thorough analysis yet of world energy infrastructure. Anything built from now on that produces carbon will continue to do so for decades to come, and this "lock-in" effect will be the single factor most likely to produce irreversible climate change, the worlds foremost authority on energy economics has found. If this infrastructure is not rapidly changed within the next five years, the results are likely to be disastrous. "The door is closing," Fatih Birol, chief economist at the International Energy Agency, told the Guardian. "I am very worried – if we dont change direction now on how we use energy, we will end up beyond what scientists tell us is the minimum [for safety]. The door will be closed forever." "I think its very important to have a sense of urgency – our analysis shows [what happens] if you do not change investment patterns, which can only happen as a result of an international agreement", Dr. Birol added.

9 November 2011
Source: Wall Street Journal

Coal use will overtake oil as the largest fuel in the global energy mix by 2035, said the International Energy Agency (IEA) in London. In the newly published World Energy Outlook 2011, the IEA believed coal has met almost half of the increase in global energy demand over the last decade. Whether this trend alters and how quickly is among the most important questions for the future of the global energy economy. "Maintaining current policies would see coal use rise by a further 65 percent by 2035, overtaking oil as the largest fuel in the global energy mix," the outlook report said. "The main market for traded coal continues to shift from the Atlantic to the Pacific, but the scale and direction of international trade flows are highly uncertain, particularly after 2020.

9 November 2011
Source: Washington Post

The world will lock itself into an “insecure, inefficient and high-carbon energy system” if it does not adopt a “bold change of policy directions”, the International Energy Agency has warned. The western countries’ energy watchdog said governments needed to introduce “stronger measures to drive investment in efficient and low-carbon technologies,” as it launched its flagship publication, the 2011 World Energy Outlook. “The global energy demand will grow very strongly,” Dr Birol said, adding that decisions on new energy will be made in emerging market capitals such as Beijing. China will consolidate its position as the world’s largest energy consumer and is expected to consume almost 70 per cent more energy than the US by 2035. Read the full article on the FT site (registration required).

9 November 2011
Source: The Times of India

Abolishing fossil fuel subsidies would boost the worlds economy, environment and energy security, the International Energy Agency said on Tuesday, referring to a pledge made by G20 countries. "Eradicating subsidies to fossil fuels would enhance energy security, reduce emissions of greenhouse gases and air pollution, and bring economic benefits," said the IEA in its annual set-piece World Energy Outlook. The report estimated such subsidies at $312 billion in 2009, mostly in developing countries, compared with $57 billion in subsidies for renewable energy. Fossil fuel subsidies were on course to reach $600 billion by 2015, and renewables subsidies more than $100 billion, said Fatih Birol, IEA chief economist. Eliminating fossil fuel consumption subsidies by 2020 would cut global energy demand by 5 percent, compared with no action, and reduce carbon emissions by nearly 6 percent by then, said the IEA report.

9 November 2011
Source: Guardian

The International Energy Agency says dependence on fossil fuels will increase if countries move away from nuclear in the aftermath of Fukushima Daiichi. By 2035, the world’s energy demand will increase by 40% over 2009, reaching 16,961 Mtoe, led by non-OECD countries such as China. Oil demand will increase due to greater demand for oil in the transport sector, and the price of oil is expected to reach $120 by 2035. Electricity demand will also increase at a high rate, and renewables, with help from government support, will play a major role in the power sector, making up 15% of total power generation. Nuclear will continue to play an important role despite recent policy changes in Germany and Switzerland. The Low Nuclear Case demonstrates that decrease in nuclear’s share in the energy mix means higher fossil fuel prices and GHG emissions. CO2 emissions continue their upward trend, and are expected to reach 36.4 Gt in 2035. Without further action, reaching the 2 degree Celsius climate target will be impossible.

9 November 2011
Source: Xinhua News Agency

The price of oil could rise to as much as $150 per barrel in the near term if investment in the oil-producing countries of North Africa and the Middle East is lower than required to meet growth in demand from emerging economies, the International Energy Agency said on Wednesday. "Growth, prosperity and rising population will inevitably push up energy needs over the coming decades. But we cannot continue to rely on insecure and environmentally unsustainable uses of energy," IEA Executive Director Maria van der Hoeven said in said the organization’s 2011 edition of the World Energy Outlook. Under the report’s central scenario, energy demand will increase by one-third between 2010 and 2035, with 90 percent of the growth in non-OECD economies. China will consume nearly 70 percent more energy than the United States by 2035, the report said, even though, by then, per capita demand in China will still be less than half the level in the United States.

9 November 2011
Source: Financial Times

The International Energy Agency today launched the 2011 World Energy Outlook. It forecasts nuclear power generation growth of 70% in 2035 compared to 2010 as emerging economies such as China and India maintain policies that promote nuclear energy following the Fukushima Daiichi accident. The report analyses a case in which growth in nuclear power is much slower than expected in its central scenario, and the energy security consequences of such a future. IEA Chief Economist Dr Fatih Birol said in an interview with Nihon Keizai Shimbun “there is a huge impact on Japanese industries which have developed with cheap nuclear energy”, and that if Japan were to follow a low nuclear scenario, “Japan’s ambitious plan to reduce greenhouse gases becomes difficult”.

9 November 2011
Source: Reuters

Nuclear energy remains vital to cope with rising energy demand, mainly in emerging economies, fight global warming and avert increased damage to the environment, the IEA warned on Wednesday. A pullback from nuclear production, amid a rise in demand for energy, was likely to drive countries towards increased use of coal and gas, and therefore to generating extra carbon pollution with a devastating effect on the environment. The energy independence of nuclear-power producing countries would also be in danger because their sources of supply would be reduced, the International Energy Agency said in its annual World Energy Outlook.

9 November 2011
Source: Yonhap, Korea

The International Energy Agency released its 2011 World Energy Outlook in London on 9 November. The report says the crude oil price in 2035 could reach $247 per barrel, triple the level in 2010, in its Current Policies Scenario, which takes account only of those policies that had been enacted by mid-2011. The outlook also presents a ‘Low Nuclear Case’ based on slower world growth in nuclear power after the accident at the Fukushima Daiichi nuclear power station in March 2011. It warns that such a case would make it more challenging for emerging economies to satisfy their rapidly growing demand for electricity.

9 November 2011
Source: CNBC

Without a bold change of policy direction, the world will lock itself into an insecure, inefficient and high-carbon energy system, the International Energy Agency warned as it launched the 2011 edition of the World Energy Outlook 2011 (WEO). The agency’s flagship publication, released today in London, said there is still time to act, but the window of opportunity is closing. "As each year passes without clear signals to drive investment in clean energy, the "lock-in" of high-carbon infrastructure is making it harder and more expensive to meet our energy security and climate goals," said Fatih Birol, IEA Chief Economist.

9 November 2011
Source: Nihon Keizai Shimbun, Japan

The European Union is expected to overtake the United States as the world’s biggest oil importer in 2015, the International Energy Agency said Wednesday in its annual report. Oil imports to the United States are expected to decline significantly over the coming years because of new efficiency standards for cars and trucks and an increase in domestic oil and natural gas production, said Fatih Birol, chief economist of the agency. By 2020, China should overtake the European Union to become the world’s biggest importer of oil, according to the Paris-based agency, which acts as a policy adviser to governments. "The U.S. would be less and less vulnerable to oil price shocks," Mr. Birol said at a news conference in London. "But increasing reliance on oil imports elsewhere heightens concerns about the cost of imports and supply security."

9 November 2011
Source: Agence France Presse

The oil price could soon spiral to an all-time high of $150 (£94) a barrel without enough investment in production, the International Energy Agency (IEA) has warned. The scenario could arise if investment in the Middle East and North Africa falls just a third short of the annual $100bn needed before 2015, the energy watchdog said. High oil prices are already undermining world economic growth, according to the IEA, which yesterday released its World Economic Outlook. "In 2011, $102 is the average price through to today, which means the global economic recovery is at risk," said Fatih Birol, the IEAs chief economist. "We are in the danger zone for the global economy at current levels.”

9 November 2011
Source: Jiji Press, Japan

The developed worlds energy watchdog, which launched one of its most pessimistic annual energy reports last night in Paris, praised Julia Gillards carbon tax but stressed it would have little effect on what was becoming an unachievable target of limiting global warming to 2C. IEA chief economist, Fatih Birol said an in-depth look at CSG by the IEA had given him no doubts about the green credentials of CSG when compared with coal. Dr Birol said the pace of Queenslands CSG development, which includes $50 billion of LNG projects already in construction at Gladstone, had surprised the IEA, which now forecasts Australia will be the worlds biggest LNG exporter by 2021, overtaking Qatar. "If there is not a major international agreement on climate change by 2017, the chance of limiting the temperature rise to 2C will be closed altogether.

9 November 2011
Source: Dubai Chronicle

Crude prices could rise as high as $150 a barrel if investment in oil and gas production in the Middle East and North Africa (Mena) falls sharply below $100 billion a year over the next four years. "If, between 2011 and 2015, investment in the Mena region runs one third lower than the $100bn per year required, consumers could face a near-term rise in the oil price to $150 a barrel," the IEA said in a statement accompanying its World Energy Outlook 2011.

9 November 2011
Source: New York Times

The IEA forecasts in its latest World Energy Outlook that global energy demand is set to increase by one-third between 2010 and 2035, fuelled by fast-expanding China, with oil consumption expected to rise from 87 million to 99 million barrels per day over the period. Output increases from the Middle East and North Africa (MENA) will provide about 90% of the required growth in crude production to 2035. However, if annual investment in the MENA region falls short of the $100 billion needed between 2011 and 2015 the oil price could spike to a near-term $150 per barrel, according to the IEA. Sounding the alarm on the environment, the IEA’s chief economist Fatih Birol warned that even if governments implement new energy policies, cumulative CO2 emissions over the next 25 years would still lead to a long-term global temperature rise of 3.5 degrees Celsius – above the 2-degrees C target - and could reach 6 degrees C if these policies are not implemented. This, he said, was a factor of already committed investments to building CO2-emitting power stations, buildings and factories. “As each year passes without clear signals to drive investment in clean energy, the “lock-in” of high-carbon infrastructure is making it harder and more expensive to meet our energy security and climate goals,” Birol said.

9 November 2011
Source: Daily Telegraph

The Paris-based International Energy Agency warned today that world governments are locking themselves into a potentially disastrous future that depends too much on fossil fuels. The message came as the IEA released its annual World Energy Outlook. The IEA also said the modest rise in the share of energy gained by renewables by 2035 was also predicated on a growth in government subsidies from a current $64 billion to $250 billion by 2035, a rise that is by no means certain "in this age of fiscal austerity." The IEA also noted that government subsidies of fossil fuels amounted to $409 billion in 2010.

9 November 2011
Source: The Australian

The Fukushima nuclear disaster in Japan and the apprehensions of protracted debt-triggered economic slump in the Eurozone have been moving global policy leaders to re-think the future’s energy mix. In the 2011 World Energy Outlook (WEO), the IEA hints of a “low nuclear case” because of the “rapid slowdown in the use of nuclear power” following the Fukushima disaster. Separately, at the B20 Business Summit on the fringes of the G20 summit in Cannes, Dr. Fatih Birol, IEA chief economist, disclosed that based on their updated WEO, “$38 trillion of investment is required to meet projected energy demand through 2035.” The breakdown will be: $16.9 trillion for power generation; $10 trillion for oil; $9.5 trillion for natural gas; $1.1 trillion for coal; and $0.3 trillion for biofuels. Dr. Birol albeit warned that “investors in energy projects are facing a multitude of risks.” The defining factors for the energy outlook set sharp focus on: worldwide access to energy; fossil fuel subsidies and investment in energy infrastructure.

9 November 2011
Source: Upstream Online

Oil could reach $150 a barrel in the years ahead without sufficient investment in the Middle East, the International Energy Agency (IEA) warns. In its latest World Energy Outlook, the group says factors such as the conflict in Libya and the economic slowdown have kept the price of oil relatively high over the year to date. North Sea Brent crude oil futures have averaged over $100 (£63) per barrel throughout 2011. The IEA predicts further upward pressure will come from increased demand in the years ahead. Oil demand is tipped to rise from 87m barrels a day in 2010 to 99m a day by 2035, driven by transportation in emerging economies. The outlook also says questions over the future use of nuclear energy have been raised by the Fukushima Daiichi emergency in Japan and coal’s prospects are hampered by the regulatory and technical barriers to more efficient power plants and carbon capture and storage facilities.

9 November 2011
Source: Los Angeles Times

We assume that the structure of the oil and gas industry remains dominated by Russian state and private companies, the Paris-based IEA said Wednesday in its World Energy Outlook. "Despite intermittent signs from the government of a desire to open the Russian oil and gas industry to foreign investment, history suggests this is likely to be a slow process." Russia will need to invest an average of almost $58 billion a year in its oil and gas industry to 2035 to stem output declines and start new fields, it said. With this investment, oil production will plateau for the next five years at 10.5 million barrels per day and drop to about 9.7 million a day in 2035, the IEA said. Exports will also fall, declining to 6.4 million bpd from 7.5 million in 2010. In the gas industry, output will climb to 860 billion cubic meters in 2035 from 637 billion last year, and exports will rise "substantially" to about 330 bcm in 2035 from 190 bcm in 2010, the IEA said.

9 November 2011
Source: Manila Bulletin, Philippines

To prevent long-term average global temperatures rising more than two degrees Celsius (3.6 degrees Fahrenheit) above preindustrial levels—seen as the maximum possible increase without serious climate disruption—immediate, drastic changes to energy and industrial policies are needed, the IEA said in its 2011 World Energy Outlook. The report also highlights the challenge posed by the rapidly rising use in emerging economies of the fossil fuels, particularly coal, that many scientists believe are a key contributor to climate change. "The door to reach two degrees is about to close. In 2017 it will be closed forever," Fatih Birol, IEA chief economist, said in an interview, the Wall Street Journal reports.

9 November 2011
Source: El Universal, Mexico

The International Energy Agency (IEA) has published its annual report World Energy Outlook 2011 (WEO). In it the IEA warns that without a bold change of policy direction, the world will lock itself into an insecure, inefficient and high-carbon energy system which would have far-reaching consequences. At the London release, the report says there is still time to act, but the window of opportunity is closing. The natural gas share in the energy mix rises and gas use almost catches up with coal consumption, underscoring key findings from a recent WEO Special Report, precursor to WEO 2011, which examined whether the world is entering a “Golden Age of Gas”.

9 November 2011
Source: Tehran Times, Iran

If Russia increased its energy efficiency in each sector to the levels of comparable (developed) countries, it could save almost 1/3 of its annual primary energy use, an amount similar to the energy used in one year by the United Kingdom, the International Energy Agency said in its latest World Energy Outlook. "Faster implementation of efficiency improvements and energy market reforms would accelerate the modernisation of the Russian economy and thereby loosen its dependency on movements in international commodity prices." Energy efficiency in Russia, although improved in recent years, remains low due to poor infrastructure and harsh climate. Total energy demand in Russia is projected to rise 28 per cent by 2035 to 830 million tonnes of oil equivalent at a 1-per cent average annual rate, with transportation growing the fastest, followed by industry and power sectors.

9 November 2011
Source: Moscow Times

In its World Energy Outlook report IEA said that state spending to cut retail prices of gasoline, coal and natural gas rose 36% to $409 billion as global energy costs increased. Aid for biofuels, wind power and solar energy, rose 10% to $66 billion. While fossil fuels meet about 80% of world energy demand, its subsidies are "creating market distortions that encourage wasteful consumption," IEA said. "The costs of subsidies to fossil fuels generally outweigh the benefits." Nuclear power made up 5.8% of total energy use in 2009

9 November 2011
Source: Moscow Times

The Paris-based International Energy Agency warned today that world governments are locking themselves into a potentially disastrous future that depends too much on fossil fuels. The message came as the IEA released its annual World Energy Outlook. The IEA also said the modest rise in the share of energy gained by renewables by 2035 was also predicated on a growth in government subsidies from a current $64 billion to $250 billion by 2035, a rise that is by no means certain "in this age of fiscal austerity." The IEA also noted that government subsidies of fossil fuels amounted to $409 billion in 2010.

9 November 2011
Source: Tehran Times

The IEA forecasts in its latest World Energy Outlook that global energy demand is set to increase by one-third between 2010 and 2035, fuelled by fast-expanding China, with oil consumption expected to rise from 87 million to 99 million barrels per day over the period. Output increases from the Middle East and North Africa (MENA) will provide about 90% of the required growth in crude production to 2035. However, if annual investment in the MENA region falls short of the $100 billion needed between 2011 and 2015 the oil price could spike to a near-term $150 per barrel, according to the IEA. Sounding the alarm on the environment, the IEA’s chief economist Fatih Birol warned that even if governments implement new energy policies, cumulative CO2 emissions over the next 25 years would still lead to a long-term global temperature rise of 3.5 degrees Celsius – above the 2-degrees C target - and could reach 6 degrees C if these policies are not implemented. This, he said, was a factor of already committed investments to building CO2-emitting power stations, buildings and factories. “As each year passes without clear signals to drive investment in clean energy, the “lock-in” of high-carbon infrastructure is making it harder and more expensive to meet our energy security and climate goals,” Birol said.

9 November 2011
Source: El Universal, Mexico

In a report released Monday, the Paris-based International Energy Agency said 20 percent of the worlds population has no access to electricity, 95 percent of whom live in sub-Saharan Africa or poorer parts of Asia. Also, some 2.7 billion people are without clean cooking facilities, causing 1.5 million deaths annually from respiratory diseases, the report says. The agencys chief economist, Fatih Birol, said providing electricity to everybody would have a minor impact on climate change because carbon dioxide emissions would increase by only 0.7 percent. The two-day meeting that opened in Oslo on Monday is aimed at improving the availability of energy and financing power and light in the Third World. Around 360 delegates from 70 countries are in attendance.

9 November 2011
Source: Manila Bulletin, Philippines

About 1.3 billion of the worlds seven billion people have no access to energy, while another 2.7 billion are without clean cooking facilities, using coal and wood for domestic tasks, according to a study published Monday by the International Energy Agency (IEA). The IEA study shows that 48 billion dollars would be needed per year to guarantee access to modern energy services by 2030, or a little more than five times the amount currently earmarked. "This is really a small amount," IEA chief economist Fatih Birol said, adding: "It is only three percent of the global energy investments." Birol said the use of dirty fuels for cooking was the second-leading cause of premature death behind AIDS, responsible for killing 1.5 million women and children each year."If you dont find a solution to this problem, very soon it will be the primary source of premature death worldwide…, which is unacceptable," he said. Financially feasible, universal access to energy would only lead to a 1.1 percent rise in global energy demand, since poor households would still be limited in their consumption, and a 0.7 percent rise in greenhouse gas emissions, according to the IEA. "The implications are very small. There are no real tensions between the targets of providing energy access and the issues of energy security and climate change," Birol concluded.

9 November 2011
Source: Los Angeles Times

The International Energy Agency (IEA) has warned that energy will become "viciously more expensive" and polluting if governments do not promote renewable and nuclear power in the next two decades instead of burning coal. Stating that nuclear energy remains vital to cope with rising energy demand, the IEA also warned that a pullback from nuclear production, amidst a rise in demand for energy, was likely to drive countries towards increased use of coal and gas, and therefore to generating extra carbon pollution with a devastating effect on the environment. The price of non-nuclear sources of energy would rise sharply, the IEA said in its annual World Energy Outlook report that was released last week, forecasting that in any case global oil demand was set to grow by 14.0% by 2035, pulled by China, India and other emerging economies. Oil prices could rise to $120 per barrel, the IEA said in its annual report as it warned that the world had to change the way it was consuming energy.

9 November 2011
Source: Upstream Online

Year after year, the eagerly awaited World Energy Outlook (WEO) produced by the International Energy Agency, has been focusing on the global energy issues and its future outlook. “The door is closing,” Fatih Birol, chief economist at the International Energy Agency, said. “I am very worried — if we don’t change direction now on how we use energy, we will end up beyond what scientists tell us is the minimum (for safety). The door will be closed forever.” Nevertheless, “as each year passes without clear signals to drive investment in clean energy, the ‘lock-ing of high-carbon infrastructure is making it harder and more expensive to meet our energy security and climate goals,” the IEA chief economist warned.

9 November 2011
Source: Moscow Times

The chief economist of the International Energy Agency said China will be the leader in manufacturing clean-tech products by 2030 but it simply wont be enough to cut down on its carbon emissions. "China will be the champion of manufacturing wind and solar products as well as electric vehicles in 20 years," said the IEAs Fatih Birol. "China is making great efforts in clean energy and experimental carbon caps in many provinces, a move we do not see in many places in the world."

9 November 2011
Source: Tehran Times, Iran

Don’t misuse our gas bonanza – OP-Ed from Dr Birol, IEA Chief Economist

9 November 2011
Source: Tehran Times, Iran

Speaking in Canberra on Monday morning, the agencys chief economist Fatih Birol said: The good news is for the first time, we have a road map that is supported and signed by all the governments. However the question mark I have in my mind is, I hope this road map wouldnt lead some of the countries not to act for the next 10 years or to act inefficiently which would be closing the door. The agencys World Energy Outlook 2011, which it released last month, concluded that the world had just five years to make urgent and radical policy changes to avoid locking in dangerous climate change.

9 November 2011
Source: Moscow Times

The chief economist of the International Energy Agency said Monday he welcomes a new U.N. climate change agreement but hopes it will not cause countries to put off action on reducing greenhouse gas emissions for the next decade. In its annual World Energy Outlook, the agency spelled out the consequences if those steps arent taken and what needs to be done to cap global temperature increases at 2 degrees Celsius (3.6 degrees Fahrenheit) above preindustrial levels. Thats the threshold beyond which some scientists have said catastrophic changes could be triggered.

24 October 2011
Source: EurActiv

The crisis at Japans Fukushima atomic facility could result in a 15% fall in nuclear power capacity by 2035 if countries reconsider existing policies, the International Energy Agency said Wednesday. This would result in increased costs for coal and gas imports for power generation and higher emissions of climate-warming gases, it said. "The incident has raised new doubts about the safety risks associated with nuclear power, inevitably raising questions about the future role of nuclear power in the global energy mix," the IEA said in its annual World Energy Outlook out to 2035. But the reports "Low Nuclear" case is still only a possibility, rather than a certainty, said Fatih Birol, the IEAs chief economist. "We made the low nuclear case to show governments the consequences" of the policies they are considering in the wake of the Fukushima disaster, Birol told Dow Jones Newswires in an interview. It is intended as a warning, he said, without naming any particular governments. According to the IEAs low nuclear case, the share of nuclear power in total generation falls 15% to 335 gigawatts in 2035 from 393 gigawatts at the end of 2010. The share of nuclear power in total generation almost halves to 7% in 2035 from 13% last year.

19 October 2011
Source: The National, United Arab Emirates

The International Energy Agency warned Wednesday that the world is hurtling toward irreversible climate change and will lose the chance to limit warming if it doesnt take bold action in the next five years. In its annual World Energy Outlook, the agency spelled out the consequences if those steps arent taken and what needs to be done to cap global temperature increases at 2 degrees Celsius (3.6 degrees Fahrenheit) above preindustrial levels. Thats the threshold beyond which some scientists have said catastrophic changes could be triggered. But the agencys chief economist, Fatih Birol, said this week that hes not optimistic that leaders are willing to make the necessary sacrifices. "We are going in the wrong direction in terms of climate change," he said in an interview Monday. He noted, for instance, that governments around the world have put increasing energy efficiency at the top of their to-do lists, but efficiency has worsened for two years in a row now.

19 October 2011
Source: Xinhua News Agency

The chief economist for the International Energy Agency says the world is hurtling toward irreversible climate change unless governments cut fossil fuel subsidies and improve energy efficiency. Dr. Fatih Birol says that even though governments the world over have put increasing energy efficiency at the top their to-do lists, efficiency has worsened for two years in a row. Dr. Birol warned such backslides have real consequences: If the status quo continues until 2017, the world will lose the chance to limit the rise in global temperatures to 2 degrees Celsius (3.6 Fahrenheit), as international negotiators have agreed. Dr. Birol was commenting on the findings released by the IEA on Wednesday in its annual World Energy Outlook.

18 October 2011
Source: Agence France Presse

Investments totalling $38 trillion are needed to meet projected global energy demand through 2035, and unrest in the Middle East and North Africa may disrupt this spending, according to the International Energy Agency. Energy supplies may be threatened if unrest in energy- producing countries curbs oil and gas projects, Fatih Birol, chief economist at the adviser to 28 industrialized nations, said at a press conference in Paris. “If the investment doesn’t come through in the MENA region, this will have major implications on international oil prices,” Birol said. MENA countries will account for 90 percent of crude production growth in the next 10 years, he said. The IEA projects $16.9 trillion will need to be spent on power- generation infrastructure through 2035, or 45 percent of the total investment required to meet energy demand. That compares with $10 trillion on oil, $9.5 trillion on natural gas, $1.1 trillion on coal and $300 billion on biofuels.

18 October 2011
Source: Nasdaq

The Arab Spring has disrupted investment plans in oil and gas projects as some governments in the region have shifted their focus to meet increasing demands from their population, the International Energy Agency said on Tuesday. As a result, this could in the next five years push oil prices higher, the IEAs chief economist Fatih Birol said at a briefing on the sidelines of the agencys two-day ministerial meeting. World energy ministers and industry leaders started a two-day meeting on Tuesday hosted by the IEA to discuss investment needs with energy-hungry emerging economies. Birol said there was reluctance from some oil producers to invest enough. "One of the question mark is over the Middle East and Northern Africa region which is crucial to meet demand growth and to meet decline in the existing production," he said. "Some countries seem to follow different oil policies not to raise production as much as the market would like to see," he said. "In other countries, they are not able to put money for projects on the table because they have other pressing issues in their countries to meet demands from the population." "In some countries because of the unrest the projects are not going forward as much as we would like to see," Birol added.

18 October 2011
Source: Washington Post

The International Energy Agency on Tuesday estimated that $38 trillion of investments were needed in worldwide energy projects to meet energy demand through to 2035. In a presentation made at the IEA ministerial meeting, the energy body said $10.0 trillion would be needed for oil investments, $16.9 trillion for power, $9.5 trillion for natural gas.

18 October 2011
Source: Wall Street Journal

The world must invest $38 trillion in oil, gas and electricity infrastructure over the next 25 years to stop prices from soaring, the International Energy Agency (IEA) said today. And about half of that will need to be spent in the power sector. Referring to data from the IEA’s upcoming World Energy Outlook 2011, to be published November 9, the Agency said $16.9 trillion is needed for electricity generation; $10 trillion in oil; $9.5 trillion in natural gas; $1.1 trillion in coal; and $300 billion on biofuels. “This means, more or less, that $1.5 trillion is needed every year [over the next 25 years],” Chief Economist Fatih Birol told reporters at the IEA Ministerial Meeting today.

18 October 2011
Source: Bloomberg

The world needs to invest a total of $10 trillion between now and 2035 to meet future demand, $2 trillion more than projected a year ago, the International Energy Agencys chief economist, Fatih Birol, said Tuesday. Birol said this years World Energy Outlook, which will be released in November, sees a need for total energy investment of $38 trillion over the period to 2035, around half of which is needed for oil and gas and half for electricity. This means an annual investment requirement of around $1.5 trillion over the period, Birol told a news conference in Paris on the sidelines of the IEAs annual ministerial meeting.

18 October 2011
Source: Reuters

The world must invest US$38 trillion (Dh139.58tn) in energy over the next quarter century if it is to meet growing demand, says the International Energy Agency (IEA). Some $10tn of that is required for oil alone, but the Arab Spring is threatening to derail important projects, said Fatih Birol, the chief economist of the IEA, which advises 28 industrialised nations on energy issues. "Some countries seem to follow different oil policies not to raise production as much as the market would like to see," Dr. Birol said yesterday on the sidelines of a meeting at IEA headquarters

18 October 2011
Source: The Times of India

The chief economist of the International Energy Agency (IEA) has urged the world to slash hundreds of billions of dollars of fossil fuel subsidies or face the prospect of a catastrophic 3.5 degrees Centigrade rise in global temperatures. “Today $409 billion equivalent of fossil fuels subsidies are in place which encourage developing countries - where the bulk of the energy demand and CO2 emissions come from – [towards a] wasteful use of energy,” Fatih Birol told EurActiv in an exclusive interview. According to Birol, cutting such subsidies in major non-OECD countries is “the one single policy item” which could help reorient the world towards a trajectory of 2 degrees global warming. It would also reduce CO2 emissions and help renewable energies such as solar and wind power to get a bigger market share, according to the IEAs World Energy Outlook 2011 report which will be released on 9 November. Analysis in the report “indicates that the door for a 2 degrees trajectory may be closing if we do not act urgently and boldly,” Birol said.

18 October 2011
Source: Petroleum Economist

The ministerial meeting of the International Energy Agency (IEA) on Wednesday resolved in Paris to address global energy challenges. According to IEA [World Energy Outlook] projections, non-OECD countries will account for 90 percent of the growth of global energy demand by 2035, when the total demand is expected to increase by a third from now. Moreover, the IEA predicted the energy industry would need some $40 trillion in global investment from now until 2035, two thirds in emerging economies to meet growing energy demand.

18 October 2011
Source: Platts

Energy will become “viciously more expensive” and polluting if governments don’t promote renewable and nuclear power in the next two decades instead of burning coal, the International Energy Agency said. Global demand for energy is set to increase 40 percent by 2035, the Paris-based agency said today in its annual World Energy Outlook report, launched today in London. Consumption will rise 1.3 percent a year to 16.96 billion metric tons of oil equivalent in 2035, spurred by China and other emerging economies, the IEA said. “More than 90 percent of the growth in oil production in the next two decades needs to come from the Middle East and North African countries,” costing $100 billion of investment a year, IEA Chief Economist Dr. Fatih Birol said. If spending slips to a third of this level, oil prices could jump to $150 a barrel, the IEA said in the 659-page report.

11 October 2011
Source: Guardian

The oil import bill in Europe, the U.S. and Japan is close to the level hit in 2008, when high prices were a contributing factor in the severe recession, the chief economist of the International Energy Agency said Tuesday. When expenditures on oil rise to around 5% of gross domestic product, it has historically caused economic problems, Fatih Birol said at the Oil and Money conference in London. "Today with a more than $100 oil price, we are close to that 5% hurdle," he said. Of all the economies in the Organization of Economic Cooperation and Development, the U.S. is most vulnerable to high oil prices, he said.

11 October 2011
Source: Time Magazine

Economists have been pointing to a widening gulf between the rich countries club on the one hand — member states of the OECD — and the emerging economies of Asia, Latin America and the Middle East on the other. In the West, demand for petroleum products is flat or in decline, while in the East, it shows no sign of slackening. That is partly because of subsidies in the Middle East, where governments keep gasoline prices artificially low, according to Fatih Birol, chief economist at the International Energy Agency. Strong economic growth in China, where car ownership is spreading fast, is another factor, he said. Mr. Birol said 90% of the growth in oil production required to meet rising demand over the next 20 years will need to come from the Middle East and North Africa, due to the decline in output from oil fields in other parts of the world. Yet there was a risk that there may not be adequate investment to ensure the additional production. "If that doesnt happen, it could trigger an international oil crisis," he said.

11 October 2011
Source: Reuters

The energy industry needs $38 trillion (27 trillion euros) in investment by 2035 as it becomes increasingly difficult -- and costly -- to extract fuel, the International Energy Agency said Tuesday. The figure, equal to $1.5 trillion a year, is about 15 percent higher than the IEAs previous forecast, chief economist Fatih Birol said during a gathering of energy ministers and industry bosses in Paris. "Its a huge figure because (as) the cost of production increases in many parts of the world, its getting more and more difficult to extract energy, thats why our numbers have increased substantially," he said. "If we dont find that money, the production will not grow as much as it needs to grow, with the result (that) one can see much higher prices than one can see today."

11 October 2011
Source: Calgary Herald

To limit the temperature increase to 2 degrees Celsius is becoming much more difficult and the door may be closing if we do not act very boldly and urgently, Birol said at the IEAs Ministerial Meeting in Paris. "This is based on the analysis of some numbers I am not allowed to share around," that will appear in the IEAs forthcoming World Energy Outlook report, he said. Unrest in the Middle East and North Africa may delay investment in oil and infrastructure, which could have a major impact on future oil prices, Birol said on the sidelines of the IEA Ministerial Meeting in Paris.

11 October 2011
Source: Nasdaq

A reluctance to invest in energy infrastructure in Middle Eastern and North African countries, partially because of unrest in the region, could drive up oil prices, an economist warned Tuesday. Fatih Birol, the chief economist for the International Energy Agency, said that $1.5 trillion dollars needs to be invested each year if the world is going to meet energy demands from now until 2035. Much of that money has been forthcoming, he told reporters on the sidelines of a meeting of energy ministers and industry leaders in Paris. But there is a particular shortfall in the Middle East and North Africa, from which 90 percent of the growth in oil production will come over the next 10 years. “If we don’t find that money, then the production won’t grow as much as it needs to grow, and as a result of that, one can see much higher prices than we have now today,” he said. An upcoming report by the agency will look more closely at the precise impact on oil prices a shortfall investment will have. Birol said some countries were choosing not to produce as much as the market wanted, while others were unable to because of unrest.

11 October 2011
Source: Wall Street Journal

Countries in the Middle East and North Africa suffering from political unrest may be underinvesting in their oil production, laying the grounds for much higher oil prices, said the Chief Economist of the International Energy Agency, Fatih Birol, Tuesday. "In some countries, because of the unrest, projects arent going forward as much as wed like to see," Birol said on the sidelines of the IEAs Ministerial Meeting here. "Some countries arent able to put money for projects on the table because they have other pressing issues…to meet the demands of their population." This is a big problem because "the MENA region is crucial to meet demand growth and to meet the decline in existing production," he said. Around 90% of the growth in world oil supply in the next 10 years will need to come from that region, he said.

10 October 2011
Source: Bloomberg Businessweek

More than 1 billion people in poor countries around the world could have access to electricity within 20 years, if the international community is prepared to make the effort, the International Energy Agency (IEA) said on Monday. Giving poor people access to electricity – more than a century after it became available to the rich – would cost about $48bn a year, and would have huge advantages in terms of health, education and economic growth, a global study for the IEA concluded. Moreover, it would not require a leap in greenhouse gas emissions, as low-carbon energy could make up a large part of the new energy sources to bring the poor into step with the modern world. The IEA study forms part of its annual "World Energy Outlook" report, its respected and eagerly awaited update on the worlds energy scene, encompassing climate change, energy access and forecasts of pressures on the oil price. This years report will also include information on shale gas, following the IEAs summer publication of a report dismantling some of the claims from the fossil fuel industry that the world is entering a "golden age of gas".

10 October 2011
Source: Commodities Now

Lacking access to electricity affects health, well-being and income, says Fatih Birol, the chief economist of the International Energy Agency (IEA). "Its a problem the world has to pay attention to." The U.N. has already declared 2012 the International Year of Sustainable Energy for All, and on Oct. 10 the IEA released a special report that details the problem of energy access and outlines how a universal power grid might be financed. The need for clean cooking stoves — 2.7 billion people lack them, an offshoot of the energy-access problem — is rising up the development agenda as well. The experts analyses about how solvable these problems are is surprisingly sunny: according to the IEAs analysis, it would be possible to achieve universal energy access for the world by 2030 with around $48 billion a year in global investment. "We very much have the capacity to make a difference in this field," says Birol, who has worked for years to call attention to electricity access. No one needs to stay in the dark.”

10 October 2011
Source: Scandinavian Oil-Gas Magazine

Global oil demand may be more robust than expected, even with a slowdown in economic growth in the United States and Europe, the chief economist of the International Energy Agency (IEA) said on Tuesday. Fatih Birol told Reuters on the sidelines of an oil industry conference that fuel consumption in Asia and in the Middle East was holding up fairly well. "The decline in oil demand may not be so big," Birol said. "Oil is needed to burn at power generators in Japan following the tragic accident at the Fukushima nuclear plant." He added, "and ... we are seeing good numbers from the Middle East and China. Demand from the Middle East and China is still very strong". Birol said oil demand was mainly driven by the economy: "I see major question marks on the European economy and doubts on the U.S. economy. We also have to look at whether or not the Chinese economy is going to slow down. These are the downside for oil demand," Birol said.

10 October 2011
Source: Agence France Presse

At the same time OPEC cut its forecast to below one million barrels per day, the head of the International Energy Agency expressed optimism demand remains relatively strong in the wake of nuclear outages and tight supply. “The decline in oil demand may not be so big,” Fatih Birol said. “Oil is needed to burn at power generators in Japan following the tragic accident at the Fukushima nuclear plant. “And … we are seeing good numbers from the Middle East and China. Demand from the Middle East and China is still very strong,” he said, according to Reuters.

10 October 2011
Source: Taiwan News

The door to 2C is closing, the IEA warned on Wednesday, in its World Energy Outlook 2011. If stringent new action is not forthcoming by 2017, the energy-related infrastructure then in place will generate all the CO2 emissions allowed in the 450 Scenario up to 2035, leaving no room for additional power plants, factories and other infrastructure unless they are zero-carbon, which would be extremely costly. The IEAs chief economist, Fatih Birol, said: I am very worried - if we dont change direction now on how we use energy, we will end up beyond what scientists tell us is the minimum [for safety] … if we do not have an international agreement, whose effect is put in place by 2017, then the door will be closed forever. We are not on track for two degrees. Far from it. Under the IEAs new policies scenario, if the worlds governments cautiously implement their post-Copenhagen policy commitments - and Australia, for example, hits its bipartisan 5 per cent emissions reductions target - the world warms by 3.5 degrees or more. As this column has written before, the difference between two and four degrees warming is alarming.

10 October 2011
Source: Agence France Presse

In a new study launched Wednesday by the International Energy Agency (IEA), weeks ahead of the Durban Climate Change talks, scientists warn that if the current trend to build high-carbon generating infrastructures continues, the worlds carbon budget will be swallowed up by 2017, leaving the planet more vulnerable than ever to the effects of irreversible climate change. According to the IEAs World Energy Outlook, todays energy choices are likely to commit the world to much higher emissions for the next few decades. The current industrial infrastructure is already producing 80% of the worlds "carbon budget".

4 October 2011
Source: Reuters

The International Energy Agency (IEA) estimates governments spent $409bn (£266bn) on fossil fuel subsidies in 2010. This figure is a 36% rise on the previous year. Support for oil products represented almost half of the total. The IEA warns the aid is likely to increase to $660bn (£430bn) by 2020 unless action is taken. The agency claims subsidies are inefficient and encourage wasteful energy use. It says efforts to artificially cut costs encourage volatile price swings because they blur market signals. As a result it says they often fail to help the poorest households they are targeted at. The IEA says phasing out the payments should make renewable energy sources, such as wind power, become more competitive. It says that would stimulate investment in the sector and create new jobs. It says subsidy cuts would also encourage consumers and businesses to become more energy efficient.

4 October 2011
Source: Bloomberg

Subsidies to fossil-fuel consumers often fail to meet their intended objectives of alleviating energy poverty or promoting economic development and instead create wasteful use of energy, contribute to price volatility by blurring market signals, encourage fuel smuggling, and lower the competitiveness of renewable energy sources and energy efficient technologies, according to analyses by the Organization for Economic Cooperation and Development and the International Energy Agency. IEA estimates subsidies that artificially reduce the price of fossil fuels amounted to $409 billion in 2010, almost $110 billion higher than in 2009. This is based on the IEAs global survey to identify economies that artificially lower end-user prices for fossil fuels to below the full cost of supply.

4 October 2011
Source: Business Green

“Governments and taxpayers spent about half a trillion dollars last year supporting the production and consumption of fossil fuels,” the International Energy Agency (IEA) said. “In a period of persistently high energy prices, subsidies represent a significant economic liability,” it said in an extract of its annual World Energy Outlook, which is due to be published in full on Nov. 9. “It’s a huge amount of money,” the IEA’s Chief Economist Fatih Birol said. “Without further reform, spending on fossil fuel consumption subsidies is set to reach $660 billion in 2020, or 0.7 percent of global gross domestic product,” Birol added.

4 October 2011
Source: Commodities Now

The International Energy Agency said Tuesday it wants world governments to curb state subsidies for fossil fuels as a way to help the environment, ease strains on national budgets and boost economies. The Paris-based organization of developed and heavy oil-consuming nations estimates that $409 billion in state subsidies were paid out last year — a striking 33 percent increase from the year before.

4 October 2011
Source: BBC News

Global subsidies for fossil fuel consumption are set to reach $660 billion in 2020 unless reforms are passed to effectively eliminate this form of state aid, the International Energy Agency (IEA) said on Tuesday. "Governments and taxpayers spent about half a trillion dollars last year supporting the production and consumption of fossil fuels," the energy watchdog said. "In a period of persistently high energy prices, subsidies represent a significant economic liability," it said.

4 October 2011
Source: Oil & Gas Journal

The IEA said that eliminating fossil-fuel consumption subsidies would slash the growth in energy demand by 2020 by 4.1%, or 3.7 million barrels of oil a day. The IEA data focuses on subsidies related to energy consumption and doesnt include subsidies on fossil-fuel-energy production. IEA officials said they were hopeful that recent changes in Iran would improve that countrys standing. Yet Iran was still by far the biggest country in terms of fossil-fuel consumption subsidies in 2010 with more than $80 billion. Iran was followed by other major energy exporters, Saudi Arabia and Russia, according to an IEA chart. If these trends continue for the energy exporters, "they will lose a lot of hard cash," IEA Chief Economist Fatih Birol said.

4 October 2011
Source: Arab News

The International Energy Agency wants world governments to curb state subsidies for fossil fuels as a way to help the environment, ease strains on national budgets and boost economies. The Paris-based organization of developed and heavy oil-consuming nations estimates that more than $409 billion in state subsidies were paid out last year - a striking 33 percent increase from the year before. The United States is by far the worlds top consumer of oil and President Barack Obama has sought to repeal billions of dollars in U.S. government subsidies enjoyed by big oil companies every year. In addition to production subsidies like these and other tax breaks for industry, some countries also subsidize oil consumption in order to reduce the cost to citizens. Removing these subsidies could cause these consumers fuel bills to rise.

4 October 2011
Source: Associated Press

According to OECD and IEA analyses, governments and taxpayers spent about half a trillion dollars last year supporting the production and consumption of fossil fuels. The organisations analyses suggested removing inefficient subsidies to raise national revenues and reduce greenhouse-gas emissions. The G-20 Leaders in 2009 agreed to phase out subsidies that "encourage wasteful consumption, reduce our energy security, impede investment in clean energy sources and undermine efforts to deal with the threat of climate change." OECD and IEA data and analysis are contributing actively to the follow-up on this commitment by the G20.Work by the IEA, to be published in the World Energy Outlook 2011 on November 9, demonstrates that phasing out subsidies to fossil fuels, if well-executed, can generate important economic, energy security and environmental benefits.

4 October 2011
Source: Hindustan Times

The world’s entire population can have electricity and cleaner stoves by 2030 if $48 billion is invested each year, the International Energy Agency said in its first estimate of the cost to end energy poverty. The obstacles to providing modern energy access to everyone are surmountable and national governments should publish targets and provide more seed capital to incentivize private investors, IEA Chief Economist Fatih Birol said in an interview from Paris. “Providing energy for all is crucial for social and economic development, and beyond that it’s a moral obligation,” he said. An illustration of the inequality is that 791 million people in sub-Saharan Africa excluding South Africa use about as much energy each year as 19.5 million people in New York State, Birol said, citing IEA data.

4 October 2011
Source: Wall Street Journal

Energy poverty is an unacceptable blight - one that wont disappear unless strong, coordinated actions are taken on a global scale. Now, a new report from the International Energy Agency shows that universal access to modern energy by 2030 is an achievable goal and spells out exactly how to pay for it. The IEA report, "Energy for All: financing access for the poor," is an early excerpt of the World Energy Outlook 2011. Ms. Van der Hoeven and IEA Chief Economist Fatih Birol launched the report today at Energy for All, a special conference that the government of Norway and the IEA organised to explore financing solutions and policies for increased energy access.

4 October 2011
Source: Forbes

The World Energy Outook-2011 special excerpt, "Energy for all: Financing access for the poor" is now available. The special report, which tackles the critical issue of financing the delivery of universal modern energy access, was released today in a high-level international conference on financing energy access hosted by the government of Norway in co-operation with the International Energy Agency. Tackling the issue of modern energy access is crucial if the global community wants to achieve its goals of eradicating poverty and accelerating social and economic development. The United Nations International Year of Sustainable Energy for All in 2012 is an excellent opportunity to agree rapid collective action. A target of universal modern energy access by 2030 is achievable and, as shown in this report, has only a small impact on global energy demand and carbon emissions." says IEA Chief Economist, Dr. Fatih Birol.

4 October 2011
Source: OilVoice

About 1.3 billion of the worlds seven billion people have no access to energy, while another 2.7 billion are without clean cooking facilities, using coal and wood for domestic tasks, according to a study published Monday by the International Energy Agency (IEA). The IEA study shows that 48 billion dollars would be needed per year to guarantee access to modern energy services by 2030, or a little more than five times the amount currently earmarked. "This is really a small amount," IEA chief economist Fatih Birol said, adding: "It is only three percent of the global energy investments." Birol said the use of dirty fuels for cooking was the second-leading cause of premature death behind AIDS, responsible for killing 1.5 million women and children each year. "If you dont find a solution to this problem, very soon it will be the primary source of premature death worldwide…, which is unacceptable," he said. Financially feasible, universal access to energy would only lead to a 1.1 percent rise in global energy demand, since poor households would still be limited in their consumption, and a 0.7 percent rise in greenhouse gas emissions, according to the IEA. "The implications are very small. There are no real tensions between the targets of providing energy access and the issues of energy security and climate change," Birol concluded.

29 June 2011
Source: Wall Street Journal

The IEA estimates that subsidies to artificially reduce the price of fossil fuels are on the rise among the 24 OECD countries - 2010 saw subsidies worth almost $110bn more than the year previous, while annual support during the years 2005 to 2010 ranged from $45bn to $75bn. Over half the subsidies supported the oil industry, racking up $193bn in support during 2010, while a further $91bn went to natural gas. The IEA spoke out against subsidies earlier this year, while the World Bank claimed last month the money would be better spent helping poor countries address climate change. Birol noted some progress had been made since 2009 when G20 leaders agreed to phase out subsidies that "encourage wasteful consumption, reduce our energy security, impede investment in clean energy sources and undermine efforts to deal with the threat of climate change". He praised efforts to scale back subsidies in China, Russia and India, while the IEA report noted the Unites States 2012 federal budget proposes eliminating a broad range of energy industry subsidies as part of efforts to save more than $3.6bn.

27 June 2011
Source: Financial Times

Work by the IEA, to be published in the World Energy Outlook 2011 on November 9, demonstrates that phasing out subsidies to fossil fuels, if well-executed, can generate important economic, energy security and environmental benefits. The OECD Secretary-General and IEA Executive Director Maria van der Hoeven emphasised that subsidies to fossil-fuel consumers often fail to meet their intended objectives. "In a period of persistently high energy prices, subsidies represent a significant economic liability," said IEA Executive Director Maria van der Hoeven, noting IEA estimates that subsidies that artificially reduce the price of fossil-fuels amounted to USD 409 billion in 2010 - almost USD 110 billion higher than in 2009. This is based on the IEAs global survey to identify economies that artificially lower end-use prices for fossil fuels to below the full cost of supply.

21 June 2011
Source: Reuters

Qatar, the Persian Gulf emirate that is the worlds largest exporter of liquefied natural gas, is poised for a sharp rise in the value and volume of its exports of the super-cooled fuel this year, benefiting from the troubles in Japans nuclear industry and from surging demand for energy elsewhere in Asia. "Post Fukushima, there will be a lot of opportunities," said Dr. Fatih Birol, chief economist for the International Energy Agency. "Japan and Korea have new long-term contracts in the next four years, and China demand is booming—as of 2015 they will have to import as much as Europe today", Dr. Birol said.

21 June 2011
Source: Dow Jones

The development of shale gas has transformed the North American energy landscape and its supporters believe unconventional gas has the ability to revolutionise the European market, which is also home to vast resources. The industry, however, is facing uncertain times as governments and regulators try to balance concerns about the impact on the environment of the technology used to extract the gas with the need for a viable source of energy that has lower carbon dioxide emissions than coal. Fatih Birol, the chief economist of the International Energy Agency, warned in June that if companies wanted to see a golden age for natural gas they would need to come up with “golden standards of practice” for developing unconventional resources. Read the full article on the FT site (registration required).

21 June 2011
Source: Al Arabiya

Governments and taxpayers spent about half a trillion dollars last year supporting the production and consumption of fossil fuels, the International Energy Agency (IEA) said today. "In a period of persistently high energy prices, subsidies represent a significant economic liability," it said in an extract of its annual World Energy Outlook, which is due to be published in full on November 9. The IEA estimated such subsidies at $409 billion in 2010, compared to $312 billion in 2009. Oil products had the largest subsidies at $193 billion in 2010 while $91 billion went to natural gas. Iran and Saudi Arabia had the biggest subsidies. "Its a huge amount of money," the IEAs Chief Economist Fatih Birol told reporters, "without further reform, spending on fossil fuel consumption subsidies is set to reach $660 billion in 2020, or 0.7 percent of global gross domestic product," Birol added. In 2010, Birol had forecast that fossil fuel subsidies would reach $600 billion as early as 2015 without further reforms. He said the slower rate of growth was partly due to efforts in certain major countries including China and India. "This is thanks to the improvements in India, China, Russia. They have made significant efforts. We have to be fair," he said, adding that only 8 percent of those subsidies reached the poorest population.

21 June 2011
Source: Economic Times, India

ossil-fuel subsidies may rise to $660 billion in 2020 from $409 billion in 2010, according to the International Energy Agency. The biggest payers of subsidies are energy producers Iran, Saudi Arabia and Russia, the IEA and Organization for Economic Cooperation and Development said today at a presentation of a joint study. The report recommends changing the subsidies to curb government spending and reduce greenhouse-gas emissions. “Making energy cheap means we use fuel in a wasteful manner,” Fatih Birol, the IEA’s chief economist, said in Paris. “Without reforms, subsidies will increase to about 0.7 percent of global gross domestic product.” The poorest 20 percent of the population got 8 percent of the $409 billion last year, Birol said. More than 1 billion people in the world have no access to power and these subsidies aren’t getting to them, he said.

15 June 2011
Source: Reuters

Persistently high oil prices could derail global economic recovery and potentially lead to a similar growth picture seen in the 2008 recession, the International Energy Agency (IEA) warned today. “My worry is that the current prices (are) a major risk for the global economic recovery and I’m very worried to see the same movie that we saw in the year 2008,” said IEA chief economist Fatih Birol. He said that there is “strong potential” that this year’s surging oil prices could further unsettle already weak international economies, impacting Asian energy hubs India and China, the two largest and fastest growing economies in the world.

15 June 2011
Source: Telegraph

Prices for Brent have peaked at just above $127 a barrel so far this year although it fell to around $111 on Tuesday as uncertainties about how Greeces debt crisis could be resolved spurred risk aversion. But still "if you look at the average over the year, oil prices are still significantly higher than average of 2008," the IEA’s chief economist Dr. Fatih Birol said, "when looking at the next couple of quarters we expect that there will be strong demand growth and sluggish non-OPEC production." Higher oil prices will also lead to a rise in fuel subsidies despite efforts by China and Iran to reduce it, he said. The subsidy bill for 2010 may be higher than the $312 billion reached in the previous year, he added.

8 June 2011
Source: China Daily

The world is poised at the dawning of a “Golden Age” for natural gas, in which natural gas will overtake the use of coal in the world’s energy mix by 2030, according to a report released yesterday by the International Energy Agency (IEA). This analysis by the Paris-based organization is a special report of its annual publication, the World Energy Outlook, released in November. The IEA study bases its s scenario analysis on four factors: China’s shift away from coal and toward natural gas, a post-Fukushima environment that is hostile to nuclear power, the growing use of liquefied natural gas (LNG) to power vehicles, and new sources for natural gas that will help keep its price low for years. However, environmental concerns cannot be ignored, Fatih Birol, the IEA’s chief economist, said at a London press conference yesterday. “If the companies want to see the golden age of gas,” he told reporters, “they need to apply golden standards for the best practices in order to produce unconventional gas.”

7 June 2011
Source: Xinhua News Agency

The International Energy Agency (IEA) has said increasing gas supplies from unconventional sources could encourage demand to rise to levels exceeding coal by 2030 and coming close to oil by 2035 if certain conditions are met, Reuters has reported. If governments introduce sound environmental regulation and companies implement what the IEA calls golden standards of practice around unconventional production, gas could become so important that the world could enter a "golden age of gas," the agency said.

7 June 2011
Source: AME Info, United Arab Emirates

The increasing abundance of cheap natural gas, coupled with rising demand for the fuel from China and the fall-out from the Fukushima nuclear disaster in Japan, may have set the stage for a "golden age of gas," the International Energy Agency said Monday. Under a scenario set out by the IEA, global consumption of natural gas could rise by more than 50% over the next 25 years, with it accounting for more than a quarter of global energy demand by 2035, up from 21% now. Fatih Birol, the IEAs chief economist, said the agencys high gas consumption scenario depended on a number of factors—among them, the industrys ability to fully address public concerns about fracking, excessive water use and the risk of contamination. "If gas companies want to see a golden age of gas, they need to apply golden standards for...producing gas," he said.

7 June 2011
Source: The Wall Street Journal



7 June 2011
Source: The Times of India

According to the latest report by the International Energy Agency (IEA), gas demand will grow by 50% and take a 25% share in the global energy mix by 2035. "Natural gas is a lucky fuel as all its competitors are more problematic" said Birol, the IEA chide economist, who explained that coal produces twice as much CO2 emissions, renewables are still expensive and nuclear expansion faces more and more safety issues.

7 June 2011
Source: Asia Economy, Korea

The Organization of Petroleum Exporting Countries, which pumps about 40 percent of the world’s crude, is meeting in Vienna as fighting in Libya shuts off the bulk of supplies from Africa’s third-largest producer and oil hovers at almost $100 a barrel. Crude prices at current levels could derail a global economic recovery, the International Energy Agency’s Chief Economist Fatih Birol told reporters today in Oslo.

7 June 2011
Source: Yonhap, Korea

According to the latest forecast by the International Energy Agency (IEA), natural gas demand increases by 60% by 2035. The IEA today released a new report in which it presents a long-term outlook which shows global natural gas demand increase by 63% by 2035 compared with 2008. This “golden age of gas” scenario is said to be likely to arise after several countries move away from nuclear energy following the accident at Fukushima Daiichi and the surge in unconventional gas, such as shale gas, which supports growing gas demand.

7 June 2011
Source: The Australian

The International Energy Agency forecasts a sharp increase in natural gas demand. According to IEA’s latest report, published today in London, global energy demand increases by 37% by 2035 compared with 2008 due to economic growth in emerging economies and natural gas demand grows with sharp increase of 63%. Natural gas occupies one quarter in the primary energy demand, the second largest share, next to oil and surpassing coal by 2030.

7 June 2011
Source: Il Sole 24 Ore

Gas demand will grow with increase of power production due to decreasing shares of coal and nuclear energy, said the International Energy Agency (IEA) in its latest report entitled “Are We Entering A Golden Age Of Natural Gas?”. The report, published today in London, says that a combination of factors, such as the accident in Japan and the events in the Middle East, as well as the greenhouse emissions control efforts, made rising demand for natural gas more likely. To meet the demand gas production would to increase by a volume equivalent to three times Russia’s annual production, which in 2010 was 650 billion cubic meters.

7 June 2011
Source: Bloomberg

The International Energy Agency (IEA) expects gas demand to increase by 50% by 2035. The main underlying factors for this scenario are growing demand in developing economies and nuclear energy reduction in Europe. IEA Executive Director Nobuo Tanaka mentioned that the gas market has rapidly developed during the last months. “The European gas market has also a very good potential”, says the IEA in its latest report, published today in London. European Union countries start renouncing to nuclear power plants, which leads to natural gas playing an even more important role.

7 June 2011
Source: Nihon Keizai Shimbun, Japan

According to the International Energy Agency, natural gas could play a much larger role in the worlds future energy mix as some countries veer away from the perceived dangers of nuclear energy after Japans crisis, and see it as a cheaper alternative to renewable energy sources like wind and solar. “Power generation remains the dominant sector for gas demand and, in the GAS Scenario, gas replaces some coal in power generation in China, India and the United States,” the IEA said in its new report, published today in London. Conventional sources of natural gas will provide about 60 per cent of global production, while unconventional sources grow to about a 40 per cent share. Meanwhile, trade doubles, with the increase split between natural gas pipelines and liquefied natural gas.

7 June 2011
Source: Financial Times

“We have seen a remarkable development in the gas markets the last few months. Gas has a strong potential to play a larger role, at the same time as the global gas market can become more diversified and consequently provide higher energy security” said IEA Executive Director Nobuo Tanaka when the report was presented in London yesterday. A range of factors are now present to grow the share of gas in the global energy mix, IEA pointed out: good supplies, new and growing markets, and large uncertainty with regard to the future production of nuclear power. It is the large merging economies, like China, India and the Middle East, and their choice of energy sources, that to a large degree will determine how much gas consumption will increase over the next 25 years, the report concludes. Even if gas is the ‘cleanest’ form of fossil fuels, it is still fossil fuels. Increased use of gas can displace low-carbon energy sources like renewable and nuclear energy. Increased use of gas is no universal solution against climate change.

7 June 2011
Source:

Increasing gas supply and demand for the fuel could set off a "golden age of gas", the International Energy Agency (IEA) has said. In this latest report, the IEA presents a scenario in which demand for gas could outstrip coal by 2030, and get close to demand for oil by 2035. “Ample supplies, robust emerging markets and uncertainty about nuclear power all point to a prominent role for gas in [the] global energy mix”, the IEA said in the report. China is endeavouring to use cleaner forms of fuel in the coming years, and that is likely to increase the demand for gas substantially. "Worldwide, 16 of the 20 most polluted cities are in China, largely related from coal power plant production," said Fatih Birol, chief economist at the IEA. For this reason, China is pushing for gas to replace a lot of coal power production," he added.

7 June 2011
Source: Aftenposten, Norway

Natural gas contracts will increasingly have a higher degree of flexibility, tied less to oil prices and more to spot prices, Fatih Birol, chief economist at the International Energy Agency, said Wednesday. "There will be more flexibility with more market elements," Birol said at a conference in Rome. This flexibility will be for both new and existing gas contracts that will be renegotiated, he said. "Major discussions" will take place between exporting and importing countries as the two sides hold different views, he said.

7 June 2011
Source: Dagens Næringsliv, Norway

Oil around the current level of close to $120 a barrel risks tipping the world economy into a double dip recession, the International Energy Agencys chief economist said today. "If you dont see any softening of the prices, there is a risk of derailing the economy, of a double-dip," Birol told the Reuters Global Energy and Climate Change Summit in London. The market has yet to match the 2008 record of more than $147, but Birol noted the average for this year was already higher than in 2008 and the world economy was more fragile. An average of $100 a barrel would mean fuel import bills cost the equivalent of 2.3 percent of gross domestic product and at current levels, the cost was closer to 3 percent, Birol said.

7 June 2011
Source: Forbes

Fatih Birol, chief economist of the International Energy Agency, said that the current price of $120 per barrel could be the catalyst for a global economic crisis on the scale of the one experienced in 2008. "If you dont see any softening of the prices, there is a risk of derailing the economy, of a double-dip," Dr Birol told the Reuters Global Energy and Climate Change Summit. "We all know what happened in 2008. Are we going to see the same movie?", he added.

7 June 2011
Source: BBC News

High crude prices may derail growth in China and India, the two economies that helped the world overcome financial crisis, the International Energy Agency said today in Singapore."High oil prices are a significant risk to derailing the economic recovery not only in the OECD countries, but also in China and India," the IEAs Chief Economist Fatih Birol told Reuters. "China and India are two most important economies which helped us get out of the economic crisis. If they go for tightening of monetary policies, this may lead to a slowdown in their economies which is bad news for all of us."

7 June 2011
Source: Wall Street Journal

The Chinese yuan will play a more important role in the global oil market as Chinas consumption continues to grow rapidly, Mr Fatih Birol, chief economist at the International Energy Agency, said yesterday at the sidelines of a conference in Singapore. With rising incomes, Chinas oil demand is forecast to rise by more than 20 per cent in the next five years to 12.05 million barrels a day, the IEA said. The countrys refining capacity is expected to increase by 3.3 million barrels a day during the 2011-2016 period, accounting for a third of global growth, the Paris-based agency noted. "(A more important role for yuan) is what the Chinese government wants also," Mr Birol said.

6 June 2011
Source: Guardian

Natural gas could be set to enter a "golden age," accounting for more than a quarter of global energy demand by 2035, according to a report from the International Energy Agency released Monday. The report illustrates a "high gas scenario" with ample supplies, robust emerging market demand and increasing uncertainty about nuclear power all pointing to a more prominent role for gas in the global energy mix. The increased available supply of gas through unconventional gas discoveries is set to reduce average gas prices, said the report. In addition, gas demand is expected to grow through Chinas implementation of an ambitious gas use policy and lower growth of nuclear power. To meet Chinas growth in demand by 2035 annual gas production must increase by 1.8 trillion cubic meters, which represents about three times the current production of Russia. More than 40% of the increase in demand will come from unconventional gas sources, says the report. “Are We Entering a Golden Age of Gas?” is a special report of the IEAs annual World Energy Outlook 2011 to be published November 9.

6 June 2011
Source: Platts

The prospect of new unconventional gas resources across the globe will push world gas demand past coal just after 2025 and is to come close to oil around 2035, according to the International Energy Agency’s new report entitled “Are We Entering a Golden Age of Gas?” published today in London. The IEA also said that the steep increase expected in gas demand would end the current gas glut by 2015, by when demand would begin to outstrip supply. The report said around 40 percent of the increase in global gas production between now and 2035 will come from unconventional gas exploration, such as fracking shale gas or exploiting coalbed methane gas, also known as coal seam gas. The IEA also said it expects Australia to become one of the worlds top exporters of liquefied natural gas (LNG) by 2020, catching up with current leader Qatar. According to the agency, the increase in unconventional gas exploration is good news in terms of securing global energy supply, as production will be widely distributed across North and South America, China, Australia, Europe, the Middle East, and Africa.

6 June 2011
Source: Al Arabiya News

Global natural-gas use may rise more than 50 percent by 2035 from last year to overtake coal as the second-most used fuel, the International Energy Agency said today, presenting the report titled “Are We Entering a Golden Age of Gas?”. The new assumptions for increased gas use are based on growing demand for the fuel in China, slowing growth of nuclear power, increased production of gas from so-called unconventional sources including shale, lower gas prices and rising use in transport, the IEA said. “A greater role for gas in the global energy mix may mean world temperatures rise by 3.5 degrees Celsius”, IEA Chief Economist Fatih Birol told reporters today in London. “This gas scenario does not keep us to a 2-degree Celsius trajectory that we would like to see,” Birol said. Scientists say carbon emissions blamed for causing climate change must peak by around 2015 to limit temperature rises to 2 degrees Celsius.

6 June 2011
Source: Bloomberg Businessweek

The International Energy Agency expects global gas demand to overtake coal before 2030, and come close to oil around 2035, its chief economist Fatih Birol said during the presentation today of the IEA’s new report entitled “Are We Entering A Golden Age Of Gas?”. The IEA said that it expects global gas demand to grow by an average of two percent a year, compared with a 1.2 percent growth in annual total energy demand. Birol said that this increase will end the current gas glut by 2015, by when demand would begin to outstrip supply. According to the IEA, key drivers of gas growth will be Chinas 12th five-year plan, which envisages a steep increase in gas generation, as well as rising demand from gas-powered transport vehicles, especially in the United States and India. Birol said that Chinas gas growth is motivated by local environmental concerns. "Worldwide, 16 out of the 20 most polluted cities are in China, largely related from coal power plant pollutions, and for this reason, China is pushing for gas to replace a lot of coal power production," he said. In the U.S., Birol said that "60 percent of coal power plants will retire in the next 20 years due to old age, and there is a strong chance that a large proportion will be replaced by gas." But Birol warned that while gas will increasingly replace highly pollutive coal and oil power generation, its steep rise will also come at the cost of low-carbon technologies such as nuclear, and even renewable power generation.

6 June 2011
Source: Reuters

The new report released on Monday by the International Energy Agency projects that natural gas could make up 25 percent of the global energy mix in 2035, up from 21 percent now, replacing coal, nuclear and some power from renewable sources like wind and solar. The drivers of the fuel’s growing popularity are uncertainty about nuclear power after the recent Japanese disaster, an anticipated boom in demand from China and, most important, the widespread development of gas fields from unconventional sources like shale rock. The IEA study made the point that natural gas deposits are spread around the world and offer many countries more energy security. But it cautioned that “an increased share of natural gas in the global energy mix is far from enough on its own to put us on a carbon emissions path consistent with an average global temperature rise of no more than 2 degrees Celsius,” or 3.6 degrees Fahrenheit. Asked if environmental concerns were a major impediment to greatly expanded production of natural gas, Fatih Birol, the IEA’s chief economist acknowledged that they were a hurdle but added, “The good news is most of the issues related to water and chemical use and the greenhouse gas issue can be addressed by better regulations, stiff regulations and companies using the best practices.”

6 June 2011
Source: New York Times

A “golden” age of increased gas production and consumption depends on unconventional gas gaining wider acceptance, the International Energy Agency (IEA) said today. Global gas use could rise more than 50% to 5.1 trillion cubic meters by 2035, making up more than 25% of energy demand, according to the IEA’s latest gas report. Gas is also forecast to overtake coal by 2030, with unconventional gas expected to meet 40% of demand during “the golden age of gas” – but only if hydraulic fracturing (fracking) is embraced. “We think the golden age of gas hinges on, among other things, whether or not the gas industry is able to address this issue,” Fatih Birol, IEA chief economist, said. “And we believe if strict regulation and best practices are applied, we can mitigate risks”, Birol added.

6 June 2011
Source: Petroleum Economist

Natural gas will play a greater role in the global energy mix, according to a report released by the International Energy Agency (IEA) on Monday. The new report, titled "Are We Entering a Golden Age of Gas?" examines the key factors that could result in a more prominent role for natural gas in the global energy mix, and the implications for other fuels, energy security and climate change. The 128-page report presents a scenario in which global use of gas rises by more than 50 percent from 2010 levels and accounts for more than a quarter of global energy demand by 2035. However, the report also strikes a cautious note on the climate benefits of such an expansion, noting that an increased share of gas in the global energy mix is far from enough on its own to put the world on a carbon emissions path consistent with a global temperature rise of no more than 2 degrees Celsius.

6 June 2011
Source: NHK, Japan

The International Energy Agency (IEA) yesterday warned that gas is "not a panacea" for the worlds energy needs as supply is still vulnerable to disruptions. Although gas produces only half the emissions of other fossil fuels, the IEA believes that over-dependence on the energy source would mean the world misses its targets of keeping the rise in world temperatures to below two degrees Celsius. It warns that extra emphasis on gas should not crowd out renewable sources, such as wind power.

6 June 2011
Source: Vedomosti, Russia

“Natural gas markets are becoming more global and regional prices are expected to show signs of increased convergence, but the market does not become truly globalised,” the International Energy Agency says in a study titled “Are We Entering a Golden Age of Gas?”, part of its forthcoming World Energy Outlook 2011. The price of the commodity in key regions, including much of Europe and Asia, will remain anchored in decades-old practices: long-term contracts indexed to the cost of oil or refined oil products. As such, natural gas prices do not reflect the supply and demand fundamentals for that commodity, but rather those of the oil market. The IEA believes that the regional price gap will have narrowed by 2030, but prices will nonetheless remain far apart. It sees natural gas prices in real terms (adjusted for inflation) at $7 per mBtu in the US, just above $10 in Europe and $12 in Japan. Read the full article on the FT site (registration required).

6 June 2011
Source: Gazeta, Russia

The use of natural gas could rise by more than 50 per cent by 2035 from last year to overtake coal as the second-most used fuel, accounting for more than a quarter of global energy demand by that time, according to a new report by the International Energy Agency (IEA) launched today in London. However, while the boom in gas usage will help reduce air pollution in many cities, in particular in China, and cut the use of coal, an expansion of gas could lead to a global temperature rise of 3.5°C. The new estimates follow the recent surge in unconventional gas in North America. Fatih Birol, the IEA’s chief economist, said the world could be entering “a golden age of gas”. The new estimates are based on growing demand for the fuel from China, slowing growth in nuclear power in the wake of the Japanese crisis and an increased production of gas from unconventional sources such as shale. However, Mr Birol said if companies wanted to see a golden age for gas then they would need to come up with “golden standards of practice” in terms of their development of unconventional resources. Read the full article on the FT site (registration required).

6 June 2011
Source: Globe and Mail, Canada

China’s new new policy for gas usage could usher in a golden era for a greater role of natural gas in the global energy mix, the International Energy Agency (IEA) said. Despite minimal growth in gas-fired power generation in China from 2000 to 2009, its 12th Five-Year Plan (2011-2015) reflects a major policy shift, which aims to give gas a much more important role in the broader energy system," the IEA said in a special report entitled Are We Entering A Golden Age of Gas?”, which was released on Monday in London. The new report, part of the World Energy Outlook 2011 series, presented an illustrative "high gas scenario", which incorporates a combination of new factors that will result in a more prominent role for natural gas. These factors are ample availability of gas, which lowers average gas prices, implementation of Chinas policy for gas usage, lower growth of nuclear power and more usage of natural gas in road transportation. As the most important country in shaping the future of energy markets, Chinas energy demand and its exponential economic growth mean that its policy can dramatically affect the trajectory of global gas demand, the report noted.

6 June 2011
Source: The Telegraph

The International Energy Agency (IEA) has released a special report titled “Are We Entering a Golden Age of Gas?” This report presents a scenario in which global use of gas rises by more than 50% from 2010 levels and accounts for more than a quarter of global energy demand by 2035. The new report, which is part of the World Energy Outlook (WEO) 2011 series, examines the key factors that could result in a more prominent role for natural gas in the global energy mix and the implications for other fuels, energy security and climate change. The report also cautions on the climate benefits of such an expansion, noting that an increased share of gas in the global energy mix is far from enough on its own to put the world on a carbon emissions path consistent with a global temperature rise of no more than 2ºC.

6 June 2011
Source: Financial Times

“The gas industry is facing a historic opportunity, but to realise a golden age for gas, the industry must adopt golden standards for shale gas” says Fatih Birol, Chief Economist at IEA. Proponents of gas consider a switch from coal to gas as all that is need in order to meet EU’s climate target of a 20% reduction. IEA’s ‘golden age of gas’ scenario is not enough to meet the global 2 degree climate target and would put the world on the path to 3.5 degrees. China will be the source of much of the growth in gas use. One of the primary drivers for the expected growth of gas in China is to provide cleaner air in their cities. As there are sources of gas in many locations around the world, in particular after the growth of shale gas, energy security will increase.

31 May 2011
Source: Xinhua News Agency

Global CO2 emissions reached a record high in 2010, according to latest analysis by the International Energy Agency. "Our latest estimates are another wake-up call. The world has edged incredibly close to the level of emissions that should not be reached until 2020 if the 2 degree Celsius target is to be attained," said Fatih Birol, chief economist at the IEA. To achieve the goal of two degrees Celsius limitation, "global energy-related emissions in 2020 must not be greater than 32 Gt. This means that over the next 10 years, emissions must rise less in total than they did between 2009 and 2010," the energy watchdog said in a press release on Monday.

31 May 2011
Source: The Times of India

Global carbon emissions from electricity generation climbed to a record in 2010, led by coal- fired power plants, as growth accelerated in emerging economies, according to the International Energy Agency. Emissions rose to 30.6 gigatons last year, 5 percent higher than the previous record of 29.3 gigatons in 2008, the Paris-based IEA said in a statement yesterday. Carbon output fell in 2009 because of the global financial crisis, the agency said, while China and India led the increase from emerging economies. “Our latest estimates are another wake-up call,” Fatih Birol, the IEA’s chief economist, said, estimating that 80 percent of the projected carbon emissions from the electricity sector in 2020 are already “locked in” due to infrastructure investments already made.

31 May 2011
Source: Bloomberg Businessweek

Energy-related carbon-dioxide (CO2) emissions in 2010 were the highest in history, according to the latest estimates by the International Energy Agency. After a dip in 2009 caused by the global financial crisis, emissions are estimated to have climbed to a record 30.6 Gigatonnes (Gt), a 5% jump from the previous record year in 2008, when levels reached 29.3 Gt. "I am very worried. This is the worst news on emissions," IEA Chief Economist Fatih Birol told “The Guardian”. In addition, the IEA has estimated that 80% of projected emissions from the power sector in 2020 are already locked in, as they will come from power plants that are currently in place or under construction today. “This significant increase in CO2 emissions and the locking in of future emissions due to infrastructure investments represent a serious setback to our hopes of limiting the global rise in temperature to no more than 2ºC,” Birol said.

31 May 2011
Source: Der Spiegel

Several factors may lead to natural gas playing a more prominent role in the global energy mix, however, natural gas is not the "panacea" to solve climate change, according to new research from the International Energy Agency. Previously inaccessible sources of gas are predicted to create a "golden age of gas" with lower prices and plentiful supply. When burned for power, gas produces half the carbon of coal. "Gas is a fortunate fuel because all its competitors have some problems," said Fatih Birol, chief economist of the IEA and one of the worlds foremost authorities on energy and climate. Coal suffers high emissions, renewables can be expensive, and there are safety fears over nuclear after the Fukushima disaster in Japan. However, the IEA also warned that gas could push out renewables, if governments come under pressure to reduce renewables subsidies and opt for gas instead. Moreover, reliance on gas would lead the world to a 3.5C temperature rise, according to the IEA. At such a level, global warming could run out of control.

30 May 2011
Source: The Guardian

After a fall of global carbon-dioxide (CO2) emissions in 2009, energy-related CO2 emission reached a record high in 2010, up by 5 percent from last record in 2008, according to the latest estimates by the Paris-based International Energy Agency (IEA). 2010 emissions are estimated to have climbed to a record 30.6 Gigatonnes (Gt), while 80 percent of projected emissions from the power sector in 2020 are those unlikely to be changed, the energy agency said. In terms of fuels, according to IEA, 44 percent of the estimated CO2 emissions in 2010 came from coal, 36 percent from oil, and 20 percent from natural gas. Region by region, the IEA estimated that 40 percent of global emissions came from OECD countries in 2010, while non-OECD emerging economies saw stronger increase in the emission as their economic growth accelerated. In addition, on a per capita basis, OECD countries collectively emitted 10 tons, more than 5.8 tons in China and 1.5 tons in India.

12 May 2011
Source: Financial Times

Greenhouse gas emissions increased by a record amount last year, to the highest carbon output in history, putting hopes of holding global warming to safe levels all but out of reach, according to unpublished estimates from the International Energy Agency. The shock rise means the goal of preventing a temperature rise of more than 2 degrees Celsius – which scientists say is the threshold for potentially "dangerous climate change"– is likely to be just "a nice Utopia", according to Fatih Birol, chief economist of the IEA. It also shows the most serious global recession for 80 years has had only a minimal effect on emissions, contrary to some predictions. The IEA has calculated that if the world is to escape the most damaging effects of global warming, annual energy-related emissions should be no more than 32Gt by 2020. If this years emissions rise by as much as they did in 2010, that limit will be exceeded nine years ahead of schedule, making it all but impossible to hold warming to a manageable degree.

29 April 2011
Source: CNN Money

In an interview with Dow Jones Newswires, IEA Chief Economist Fatih Birol said oil use is set to increase by up to 3 million barrels a day over the next few months as refineries meet rising demand for fuel products. His comments come as oil futures are trading at more than two-and-a-half year highs, a level that has increased costs for businesses and strained consumers budgets.

29 April 2011
Source: Dow Jones Newswires

Fatih Birol, chief economist of the International Energy Agency, told the Financial Times that rising oil prices had “more than offset” the strenuous efforts of developing countries to reduce the cost of fuel subsidies. The cost of a barrel of oil averaged $80 last year, compared with $61 in 2009, rendering it more expensive to hold down retail prices for consumers. “Despite these efforts, the subsidies in 2010 are significantly higher than they were in 2009,” said Mr Birol. The final figures for the total cost of subsidies last year will become available in November. The IEA calculates that some $60bn must be invested in global oil production capacity every year, mainly in the Middle East and North Africa, in order to satisfy global demand. Political instability may deter international companies from investing in this region, while the cost of subsidies may also crowd out domestic capital. “Some of this money may be diverted to address some of the domestic needs of the population, including energy subsidies,” said Mr Birol. Read the full article on the FT site (registration required).

28 April 2011
Source: ABC News

A global warming target could be missed three times over if countries fail to promote clean energy, the International Energy Agency warned Thursday, amid a possible slowdown in atomic power growth. In its annual report last year, the IEA projected that 360 gigawatts of nuclear generating capacity would be added worldwide by 2035, on top of the 390 gigawatts already in use. However fears over the use of nuclear power could see the IEA halve its projection to 180 gigawatts, its chief economist Fatih Birol told AFP earlier this month.

28 April 2011
Source: Agence France Presse

High oil prices are here to stay and theyre caused by surging demand and limited new supply, not Wall Street speculators. Thats the message from Fatih Birol, chief economist at the International Energy Agency. "Speculators are only responding to what is going on in the markets," Birol said during an interview with CNN Money in New York. "We dont see enough oil in the markets. The major driver is supply and demand." Birol said growth in worldwide oil demand is outstripping growth in new supplies by 1 million barrels a day per year. Much of that new demand is coming from China, adding nearly 20 million vehicles to its roads each year, he said. Plus, countries that export oil are not doing enough to invest in new production, and countries that use a lot of oil are not doing enough to cut back. "Oil will be more and more expensive unless countries like the U.S. and China use less," he said.

25 April 2011
Source: Manila Bulletin

One major indicator of inflation is the price of petrol and the latest information from the International Energy Agency (IEA) shows it will only get more expensive. IEA Chief Economist Fatih Birol says oil prices are likely to rise 30 per cent over the next three years. "The existing fields are declining so sharply that in order to stay where we are in terms of production levels in the next 25 years, we have to find and develop four new Saudi Arabias," he said. "It is a huge, huge challenge that we continue to underline." Dr Birol says although peak crude oil production is already behind us, liquid natural gases may provide a viable alternative. But he underlines that the age of cheap oil is over. "The amount of increase in the oil input bill in Europe is equal to the government budget deficit of Greece plus Portugal put together," he said, adding "additional pressure on the financing of many governments who are the oil importers." Dr Birol further explained that the oil reserves might be there but the access is not. He also says it could be in the best interest of producers if crude oil is not always flooding the market. "The producers, intentionally or unintentionally, may not bring the oil under the reserves to the markets," he said. "For some producers, it is better that oil doesnt come to market so they would like to see perhaps higher prices as a result of tightness in the markets." The IEA says governments around the world need to rethink their reliance on oil.

13 April 2011
Source: Frankfurter Allgemeine

The IEA hit the nail on the head when it warned that: “rising oil prices will drive up inflation as the cost of oil has a knock-on effect on many other products, such as transport and food.” IEA chief economist Dr. Fatih Birol explained that the rising prices also signify wealth transfer from the oil importing to exporting countries. In simpler terms, it entails that import-dependent countries (such as in the case of the Philippines) will be stripped more of its cash resources as it will need to cough up more money for oil purchases; while the exporting or oil-producing countries may benefit from momentary windfalls. “This will have an impact on balance of payments of countries”, the IEA official averred. Comparing it with a bank statement showing all the transactions of a particular country with others throughout the world, he further noted that “with importing countries spending more on oil, the balance on their payments can be badly affected.”

4 April 2011
Source: Agence France Presse

The catastrophe at Fukushima can alter the current energy balance, warned International Energy Agency Chief Economist Dr. Fatih Birol. In an interview with Le Monde, he expressed concern that the fall-out from the nuclear catastrophe which, if calling into question investments in the nuclear industry, could lead to a higher consumption of fossil fuels, higher energy prices and a worsening of global warming. "Any change in the energy portfolio will lead to higher energy prices, and will also negatively impact our efforts to fight climate change’’, Dr. Birol said. The additional use of fossil fuels to compensate for the loss of nuclear energy capacity "would lead to an extra 0.5 gigatonnes of CO2 emissions by 2035, which is equivalent to five years of growth in CO2 emissions’’, Dr. Birol said.

1 April 2011
Source: Le Monde

Cutting back on nuclear energy will significantly increase CO2 emissions as well as energy prices, according to the latest projection by the International Energy Agency (IEA). In an interview with Frankfurter Allgemeine, IEA Chief Economist Fatih Birol said that "in case of a partial move away from nuclear energy, CO2 emissions in 2035 could be 500 million tonnes higher than in absence of such a move". This corresponds to the equivalent of five years of worldwide growth in CO2 emissions. As a consequence, "this would make it significantly more difficult to win the fight against climate change", warned Birol. He added that he fully respects the decisions made by governments, such as in Germany, to move against nuclear energy so long as it reflects the wishes of its people. He hopes, however, that both policy makers and citizens will act on the basis of complete information. This is particularly important because any decision at this front would bring implications for the next 40 to 50 years, Birol added.

30 March 2011
Source: Financial Times

Slowing the expansion of nuclear power will harm efforts to fight climate change, push up energy prices and set back goals to secure power supplies, said Fatih Birol, chief economist at the International Energy Agency. Cutting in half the projected new nuclear installations during the next 25 years may add 500 million tons of carbon dioxide output to the global total in 2035, equivalent to five years of extra emissions growth, Birol said today in a telephone interview from Paris. There will be increased difficulty in adding new nuclear power plants, and there will be increased pressure in some countries to close earlier the existing nuclear power plants,” after the Japanese crisis, Birol said. “That would increase the cost of energy for the entire world. It’ll also be bad news for energy security because there is less diversification of the energy mix, and it’ll be bad news for climate change.” We all as energy actors, producers and users have to derive major lessons” from Fukushima, Birol said. “It’s still important to have a realistic assessment of the global energy future, and nuclear still needs to play a role,” he said, citing reasons of “climate change, energy security and having affordable energy for the citizens of the world.”

30 March 2011
Source: Bloomberg

IEA chief economist Fatih Birol told AFP that governments must study the implications carefully before making any decision to retire nuclear power plants earlier than expected or shelve plans for new facilities. "Nuclear is a very crucial part of the global energy mix," he said in a telephone interview from the IEA headquarters in Paris as Japan battled to place the damaged Fukushima nuclear reactors under control. "A lower nuclear capacity growth in the future may have substantial effect on the global energy mix, energy prices and climate change." In its annual report released last year, the IEA projected that 360 gigawatts of nuclear generating capacity would be added worldwide by 2035, on top of the existing 390 gigawatts already in use.

10 March 2011
Source: Kommersant, Russia

Libya’s slide into civil war has already cut oil shipments by 1m barrels per day, slicing into the world’s safety margin. The International Energy Agency (IEA) said the Saudis had covered the short-fall, though Saudi heavy oil is a poor substitute for Libya’s “sweet” crude. Fatih Birol, the IEA’s chief economist, warned that investments in fresh oil fields across the Middle East “may be deferred for years. The age of cheap oil is over.”

10 March 2011
Source: The Telegraph

Opec, the oil producers’ cartel, will reap $1,000bn in export revenues this year for the first time if crude prices remain above $100 a barrel, according to the International Energy Agency. Fatih Birol, chief economist at the IEA, said a new assessment showed that the total number of barrels exported by Opec in 2011 would be slightly lower than in 2008, when cartel oil revenues reached $990bn. But if average prices remain around $100 a barrel, Opec’s oil revenues will still reach a record of $1,000bn this year. “It would be the first time in the history of Opec that oil revenues have reached a trillion dollars. It’s mainly because of higher prices and higher production,” Mr Birol said in a Financial Times interview. Another beneficiary from high oil prices is Russia. Mr Birol noted that if oil prices remain at an average of $100 a barrel, Moscow’s oil and gas revenues could increase by about $100bn to $350bn – equivalent to 21 per cent of Russia’s GDP. However, high oil prices have “started to hurt the global economy”, Mr Birol said, adding that he is “very worried for OECD countries, especially Europe”. The IEA is also concerned about the impact the current unrest is having on oil-sector investment in the Middle East and North Africa, which it expects to contribute about 90 per cent of production growth over the next 10 years. “For this to happen, we need to invest now but I see the current geopolitical situation as a major handicap for making the right amount of investments,” Mr Birol said. Read the full article on the FT site (registration required).

8 March 2011
Source:

The IEA will devote a major part of its World Energy Outlook 2011 to an analysis of energy perspectives in Russia, said IEA Chief Economist Fatih Birol in an interview to the Russian business newspaper Kommersant (interview published in Russian). The Agency plans to look at Russia from a number of angles: the domestic energy market; the role of gas and oil in the Russian economy; the importance of oil and gas exports for Russia, for the region and for the global energy economy. “One very important issue for Russia is the question of energy efficiency”, said Dr Birol “according to our provisional estimates, if energy was used in Russia with the same efficiency as in other parts of Europe, the value of the saved resources would be around USD 80 billion on international markets; that’s around 3.5% of Russian GDP.”

7 March 2011
Source: Hürriyet Daily News

In an opinion piece in the Financial Times, IEA Chief Economist Fatih Birol and Nicholas Stern, chair of the Grantham Research Institute on Climate Change at the LSE, warn that policymakers are becoming dangerously complacent about the scale of our climate change challenge. “Existing commitments for emissions reductions by 2020 do represent major action. But even if implemented fully, they are collectively not enough to put the world on a path that would give us even a 50-50 chance of avoiding a warming of 2°C above 19th century temperatures. Worse still, recent work by the International Energy Agency has concluded that without full implementation there is a real risk that the 2°C goal will be pushed out of our reach altogether.” Read the full article on the FT site (registration required).

4 March 2011
Source: New York Times

High oil prices driven up by recent Libya situation has become a growing risk and is likely to "weaken the still-fragile economic recovery," Chief Economist of the International Energy Agency (IEA) Fatih Birol said Tuesday. "Europe, especially Italy, France, Germany and Spain, are particularly vulnerable as the region receives over 85 percent of Libyan crude oil exports," the chief economist told Xinhua in an interview, adding that "Europe is also one of the weakest links in the global economic recovery." High oil prices could turn into negative factors "damaging trade balances, reducing household and business income, putting upward pressure on inflation and interest rates," and ultimately "dampening economic growth," Birol said.

3 March 2011
Source: Xinhua News Agency

The cost of oil imports for the U.S., European Union and Japan may rise about 29 percent to $900 billion this year if crude prices average $100 a barrel, according to estimates from the International Energy Agency. This would be almost $200 billion more than the U.S., Europe and Japan might have to spend on crude imports this year, “potentially threatening their economic recoveries,” Fatih Birol, the Paris-based agency’s chief economist, said today.

3 March 2011
Source: Bloomberg

The unrest in Libya has cut the country’s oil output by half, more than it initially estimated, the International Energy Agency (IEA) said yesterday. About half of the world’s 12th largest exporter’s 1.6 million barrels per day (bpd) of production had been cut, IEA chief economist Fatih Birol said, citing industry reports. “This is not good news for suppliers in the market but at the same time it is very comforting that Saudi Arabia showed their readiness to make up (supplies),” Birol said. He added there was a major risk of derailment for the global economic recovery if prices remained at current levels for the rest of the year.

1 March 2011
Source: Independent Online, South Africa

International Energy Agency (IEA) chief economist Fatih Birol warned that the recent unrest in the Middle East and Africa together with rising oil prices would take a toll on the Turkish economy. Birol told Today’s Zaman the recent spike in oil prices will negatively affect Turkey’s balance of payments. In what he summed up as 3+1 negative effects on the economy, Birol said rising oil prices will increase inflation, ultimately having a negative effect on growth as well. And finally, since the uprisings still have not been settled fully, Turkey’s trade to protest-ridden countries will take a hit, he added. On top of these three effects, rising oil prices will also drive up natural gas prices, which are determined by the former, Mr. Birol says. In Turkey, natural gas is widely used for electricity production, and it is a major production input for many sectors. Birol predicted that these (3+1) effects all together might slow down the Turkish economy in the near future, possibly leading to more interest rate cuts by the Central Bank of Turkey to deal with the negative effects of rising energy costs.

1 March 2011
Source: Todays Zaman, Turkey

Saudi Arabia has increased oil production following a dramatic drop in Libyan exports, but some have worried that the uprising that has swept the Arab world could also affect the desert kingdom, greatly disrupting oil supplies. “Our estimates about Libya range between 800,000 to 1 million barrels a day being lost, but Saudi Arabia has been constructive and responsive, while our reserves at the IEA [International Energy Agency] are substantial,” Fatih Birol, the chief economist at the IEA, told the Hürriyet Daily News & Economic Review last week. “The IEA’s 1.6 billion barrels alone mean that 2 million barrels per day can be exported for two years without interruption in case of an emergency,” Birol said.

28 February 2011
Source: Wall Street Journal

Industrialized countries would consider a coordinated release of oil from stocks to meet any supply disruption stemming from the political turmoil in the Middle East, the IEAs chief economist Birol told reporters on the sideline of a conference in Indonesia on Tuesday. "If they think there is a need to do so, they may well decide to release those stocks in order to cover the markets, if there is a physical disruption," he said, referring to IEA members 1.6 billion barrels of emergency oil stocks. Rising oil prices are already in the danger zone that threatens global economic growth and fuel demand and could rise further if turmoil continues in the Middle East, he added. Top oil exporter Saudi Arabia stood ready to pump more oil if necessary, Birol said. The kingdom is the only producer with significant spare capacity to meet any large global supply outage.

22 February 2011
Source: Reuters

Australia, Indonesia and Papua New Guinea may help drive a new "golden age" of natural gas consumption from the supply side, while China will be the main driver on the consumption side, International Energy Agencys chief economist Fatih Birol said Tuesday in Jakarta. "I see a golden age for gas starting, and the start of this new age will be driven by Asia, both in terms of production and consumption," he said, speaking to reporters at the Pacific Energy Summit. "Around 2020, if current projects in Australia go ahead, we may see Australia become the number one gas exporter," Birol said. Meanwhile, in terms of consumption, China will be the primary driver. Last year, China consumed about 110 Bcm of gas, more than Japan, he said; and its consumption is expected to more than double to 250 million Bcm in the next five years, according to the targets set out in the latest five-year plan. "That is why China needs to import a lot of LNG from the Asia Pacific market," Birol added.

22 February 2011
Source: Platts

The rising cost of oil would weaken the trade balances of industrialised countries, add to inflation and put pressure on central banks to adjust interest rates, IEAs chief economist Fatih Birol said today. If US oil prices touched $100 a barrel, the worlds third largest economy Japan would be spending 3 per cent of its GDP alone on oil imports, Mr Birol added. Referring to 1.6 billion barrels of emergency oil stocks held by IEA members, Mr. Birol said "if they think there is a need to do so, they may well decide to release those stocks in order to cover the markets, if there is a physical disruption". He said those stocks were sufficient to cover several supply disruptions. Top oil exporter Saudi Arabia stood ready to pump more oil if needed, Mr Birol said. The kingdom is the only producer with significant spare capacity to meet any large global supply outage. "Saudi Arabia is doing an excellent job in terms of showing their readiness to act if necessary," he said. "It is the right policy and I would like to see this policy continue."

22 February 2011
Source: The Irish Times

The chief economist of the International Energy Agency recently did some crystal ball gazing in Toronto on what the future of energy might look like and his conclusions are worth a look. A few aspects of Fatih Birols presentation stand out, namely where the worlds oil supply is going to come from, the implications of the growing natural gas glut and the role of renewable energy in decreasing greenhouse gas emissions.

22 February 2011
Source: Calgary Herald

The violence in Libya and continuing unrest across the Middle East have pushed oil prices into a "danger zone" that could threaten global economic recovery, the International Energy Agency has warned. Fatih Birol, the IEAs chief economist, said high prices could put pressure on central banks to raise interest rates, especially in more developed countries such as the UK. "Oil prices are a serious risk for the global economic recovery," he said. "The global economic recovery is very fragile – especially in OECD countries." He said oil prices had entered a "danger zone" for the recovery at over $90 a barrel.

22 February 2011
Source: Guardian

As Libyas uprising keeps oil prices high, Europes bill for imported oil could be even bigger this year than it was in 2008 when crude jumped to $147 a barrel, potentially endangering the continents fragile economic recovery, the International Energy Agencys chief economist Fatih Birol said in an interview. If the price of European oil averages $100 a barrel this year, the European Union will have to spend $375 billion on oil imports—slightly more than the $369 billion it forked out in 2008 and much higher than the $221 billion paid in 2009 and the $299 billion spent last year, he said. As a percentage of GDP, the $375 billion would be more than double what the EU paid for imports on average between 1971 and 2008. Record-high crude prices in 2008 were widely considered a primary trigger for the global recession. "This is very risky, especially because Europe is the weakest link in the chain of the global economic recovery," Mr. Birol said. He also said he feared that if oil remained at or above $100 a barrel this year, it could stoke inflationary pressures in Asia, potentially putting a brake on economic growth in key Asian countries like China. Instability in the Middle East and North Africa could deter oil producers in the region from investing in new oil and gas projects, paving the way for additional supply challenges in the future. "What Im afraid of is that the current situation could lead to the postponement of investments, delays, which could drive up costs and in turn lead to a fall in production further down the road", Birol said.

22 February 2011
Source: The Jakarta Globe

A key feature of the 12th Chinese five-year plan is its call to double the share of natural gas in Chinese energy consumption, to 8 percent in 2015 from 4 percent last year, according to Fatih Birol, chief economist of the International Energy Agency. This will make China a natural buyer of large quantities of Russian gas, making it a competitor to Europe, which already relies heavily on gas from Russia. The goals in China’s new five-year plan are consistent with the IEA’s “new policies” plan for climate change, a middle course that represents an improvement from current policies, Mr. Birol said. But he noted that the Chinese goals did not go far enough to meet what the agency considers necessary to prevent world temperatures from rising by more than 2 degrees Celsius, an increase that many scientists fear as potentially leading to very broad environmental changes.

19 February 2011
Source: New York Times

High oil prices pose a danger for a global economic recovery and industrialised countries stand ready to release oil from stockpiles to meet Middle East supply disruptions, the IEAs chief economist said on Tuesday. High oil prices were detrimental to the interests of both consumers and producers as they could derail economic growth and curtail fuel demand, the International Energy Agencys Fatih Birol said. "Oil prices are a serious risk for the global economic recovery," Birol told reporters on the sidelines of an energy conference in Indonesia on Tuesday.

18 February 2011
Source: MoneyWeek

The turmoil in North Africa and the Middle East has helped drive oil prices up to more than $102 a barrel for an important benchmark crude, Brent, although so far there have been no significant disruptions in production or supply, according to experts at the International Energy Agency here. The agency’s chief economist, Fatih Birol, said that with Brent crude over $100 a barrel, “we are entering a danger zone,” he said, with oil prices “creating inflationary pressures and risk for economic recovery.”

9 February 2011
Source: FinanceAsia

Global warming targets are on the verge of becoming unattainable unless governments take significant and bold policy initiatives, says International Energy Agency chief economist Fatih Birol. According to the IEA, current trends in global energy consumption are pointing towards a rise in the global temperature of about 3.5 C. "When I give these numbers I think we are only a few metres away from saying goodbye to the 2-degree target unless there are major or bold policy changes,” Birol said at an Economic Club lunch in Toronto. "We think that since there was no agreement in Copenhagen and after in Cancun that the chance of coming to a two degree trajectory is getting less and less.” Birol said government pledges to reduce carbon emissions had been too vague and were not legally binding.

8 February 2011
Source: Toronto Star

Speaking at the Institute of Economic Affairs conference yesterday in London, IEA Chief Economist Fatih Birol presented the outlook on the oil and gas markets. Birol didn’t pull his punches. "The age of cheap oil is over”, he said. On the supply side, companies are being forced to hunt further and wider to find new oil sources and ‘unconventional’ sources such as tar sands. And on the demand side, as China gets richer, it’s only going to need more oil, mainly for transport purposes. In Europe, 500 in 1,000 people have cars. In China, it’s just 30 per 1,000. Moreover, in the next ten years, says Birol, 90% of growth in global oil production is going to come from countries in the middle East and North African region. Iraq, in particular, is crucial to boosting supply. "Global oil markets cannot afford not to see a significant increase in Iraqi oil production in the medium term.”

3 February 2011
Source: Russia Today

In its World Energy Outlook 2011, the IEA remarks that “[i]n all the scenarios examined ... natural gas has a higher share of the global energy mix in 2035 than it does today”. Under its “golden age” scenario, gas demand grows by 2 per cent a year between 2009 and 2035. Even under a more cautious scenario, which it calls “new policies”, demand grows at 1.7 per cent a year or by a total of 55 per cent over this period. As a result, gas substitutes for other fuels, particularly in electricity generation and heating. Gas also has substantial potential as a fuel for transportation. Read the full article on the FT site (registration required).

2 February 2011
Source: Bloomberg Businessweek

Surging physical demand rather than increased liquidity or other considerations is the driving force behind rising oil and energy prices, the International Energy Agency’s top economist said Thursday. “Current and future fundamentals” are responsible for the rise that saw oil earlier this month near the $100 a barrel level for the first time since 2008, IEA Chief Economist Fatih Birol said in an interview on the sidelines of the World Economic Forum’s annual meeting. “Financial markets do play a role in order to trigger these trends,” Birol said. “But the question mark in the market’s mind is whether growth in demand will be met in a timely manner.”

2 February 2011
Source: Reuters

China and the rest of emerging Asia need energy resources to fuel their rapid growth. Increasingly, too, they are targeting cleaner energy. According to most of the participants in a discussion at Troika Dialog’s Russia Forum, held in Moscow last week, Russia can be a major supplier of a precious commodity that will suit them well - gas. Fatih Birol, chief economist at the International Energy Agency, pointed out that by the end of 2011, the liquid natural gas (LNG) import capacity of China and India will be the same as that of Western Europe. Yet, both nations only started importing LNG in a serious way five years ago.

27 January 2011
Source: MarketWatch

Crude oil prices of $100 will cause little destruction to the world economy despite a boost to inflation, especially in Europe, which could drag on recovery, IEA Chief Economist Fatih Birol told Reuters Insider. "I dont see much destruction to the world economy from the current high oil prices," Dr. Birol said in an interview in Moscow on Wednesday. "I hope the oil prices will be lower than the current three digits by the year-end," he added.

26 January 2011
Source: Wall Street Journal

Oil transit through the Suez Canal isn’t currently at risk from anti-government protests in Egypt, said Fatih Birol, chief economist at the International Energy Agency. There is “no real threat” to flows through the canal, Birol said today in a Bloomberg TV interview in Moscow. “We hope to see the market calm down because it is not good news for anybody in the market: consumers, producers or anybody,” Mr. Birol added.

24 January 2011
Source: New York Times

Saudi Arabian Oil and Energy Minister Ali Naimi’s hint that it and other producers could raise output if oil demand continues to strengthen is “a very welcome move,” Fatih Birol, chief economist of the International Energy Agency, told Dow Jones Newswires on the sidelines of the World Economic Forum in Davos. Mr. Birol said real demand, rather than speculation or loose monetary policy, has been behind the rally in oil prices over the last four months. That rally has cooled in recent days, particularly since Mr. Naimi said OPEC’s members may need “to boost their supplies to the global market to meet the rising global demand.” “The statement made by Naimi shows that, if there is a need, Saudi Arabia and other producers may show their flexibility to put more oil into the market, which I think is a very welcome move and shows how responsible Saudi Arabia can be when the situation is a risky one,” Mr. Birol said.

21 January 2011
Source: Bloomberg

Unless the United States, Europe, China, India and the other emerging economies get on a crash course to slash greenhouse gases, world leaders can simply forget about one of their oft-talked-about goals: stabilizing the average global temperature rise at 2 degrees Celsius, warns Dr. Fatih Birol, Chief Economist of the International Energy Agency. "As we stand now," he said on Friday, "were only a few meters away from saying goodbye to the 2-degree target." In speeches in London and Abu Dhabi last week, and in an interview with ClimateWire, Dr. Birol said hes trying to reach the energy markets. Oil prices are heavy on the minds of the worlds largest oil consumers. "The later we move, the more difficult it will be," Birol said. "There is a lot of infrastructure being built, lots of power plants. The later we move, the more expensive it will be."

19 January 2011
Source: New York Times

It is virtually impossible for the world to keep within the CO2 limits defined as safe for the climate, according to the chief economist of the International Energy Agency. Dr Fatih Birol told an audience in London that key nations were not prepared to take the steps necessary to cut carbon growth. It was his comments on climate change that seemed to cause the biggest buzz among the audience that packed a huge lecture theatre at Imperial College London. "We would need to double decarbonisation efforts, then double them again to keep emissions (of CO2 and equivalent gases) within 450 parts per million," he said. "The bulk of the effort needs to take place in countries where climate change is not high on the policy agenda. We have to be realistic", Dr. Birol said.

19 January 2011
Source: BBC News

The International Energy Agency, an adviser to consuming nations, said Jan. 18 that “three-digit oil prices risk damaging” the economic recovery, signaling that the Organization of Petroleum Exporting Countries should raise output. OPEC responded the same day by saying that global supplies are sufficient to meet demand. Global oil benchmarks may reach $100 at “any time,” the IEA’s chief economist, Fatih Birol, said in a Jan. 18 interview with Maryam Nemazee on Bloomberg Television. “If the oil price goes up, the vulnerability of our economy is going to increase significantly, and this can derail the recovery,” Birol said.

17 January 2011
Source: Fox Business

Fatih Birol, chief economist at the International Energy Agency, welcomed the G-20’s new focus on energy, saying it would bring important consumers like China and India and suppliers like Russia and Saudi Arabia around the same table. But he cautioned that replicating the oil database for natural gas would be difficult because gas markets were evolving rapidly, with new players and new forms of energy, like shale gas, entering the market. “Security of supply is still an issue, but compared to a few years ago, things have changed,” Mr. Birol said.

9 January 2011
Source: The Sunday Telegraph

In an interview with Dow Jones Newswires, Fatih Birol said "if we assume that oil prices remain around $100 in 2011, the import bill to [gross domestic product] in the U.S. will be 2.6%, very close to the level we saw in 2008" of 2.8%. "In Europe, it would be 2.2%, exactly what we had in the year 2008," added Birol, whose agency acts an energy watchdog for the worlds most industrialized nations. The statements put a quantitative assessment on a warning by the IEA that current oil prices--presently close to $100 a barrel--could endanger the economic recovery in industrialized countries.

7 January 2011
Source: Time

Spurred by a weak dollar, oil prices exceeded $90 per barrel after Christmas, the highest since October 2008. Last week the International Energy Agency revealed that the oil import costs for the 34 members of the Organisation for Economic Co-operation and Development have soared by $200bn to $790bn. Fatih Birol, the chief economist of the IEA, said that oil prices were "entering the danger zone", arguing that the rising cost of oil was becoming a threat to the global economic recovery.

6 January 2011
Source: The Independent

The IEA says that in the past year importing crude oil costs for OECD countries have increased from 200,000 million to 790,000 million dollars, due to the rising oil price. The Agency said that this increase is equivalent to a loss of income equal to 0.5% of OECD GDP. "Oil prices are entering in a dangerous zone for the global economy. Import bills could threaten the economic recovery. This is an alarm bell for consumer and producer countries." said Fatih Birol, IEA chief economist.

6 January 2011
Source: Expansión, Spain

The spike in global oil prices that preceded the Great Recession is being repeated […] as oil futures crept above $92 a barrel this week — their highest level since 2008. Fatih Birol, chief economist at the Paris-based International Energy Agency, which represents the worlds industrialized oil-consuming countries, warned on Monday that oil prices are expected to reach $100 a barrel again soon, threatening the economic recovery by hugely increasing the energy bills of countries, factories, cities and drivers. Birol warns that the rising price "is a wake-up call."

5 January 2011
Source: Financial Times

Despite a 1.4pc drop in the oil price yesterday to $93.53, economists are cautioning that oil above $100 could put the brakes on the world’s emergence from recession. Fatih Birol, chief economist at the International Energy Agency, warned about the impact on growth while the price remains above $90 per barrel.

5 January 2011
Source: The Telegraph

Recent data by the International Energy Agency (IEA) shows oil import costs for members of the Organization for Economic Cooperation and Development rose by $200 billion by the end of 2010, reaching $799 billion. "It is not in the interest of anyone to see such high prices," IEA Chief Economist Dr. Fatih Birol said, suggesting oil importing countries pare back on use of oil and energy producers increase production to lower costs.

5 January 2011
Source: United Press International

Fatih Birol, chief economist at the International Energy Agency, is among the most respected voices in energy. So it is notable that Dr. Birol has hit the panic button on oil prices: "Oil prices are entering a dangerous zone for the global economy," he told Sylvia Pfeifer in todays Financial Times. Dr. Birol cannot be ignored, and recovering global demand has most analysts agreeing with him.

5 January 2011
Source: Foreign Policy

The International Energy Agency (IEA), Paris-based government policy adviser, calculates that the oil import costs for the 34 countries that make up the Organisation for Economic Co-operation and Development (OECD) soared by $200bn over the past year to reach $790bn by the end of 2010. IEA Chief Economist Dr. Fatih Birol said: "It is not in the interest of anyone to see such high prices. Oil exporters need clients with healthy economies but these high prices will sooner or later make the economies sick, which would mean the need for importing oil will be less." Birol believes that in the short term oil producers should increase production to bring down prices.

5 January 2011
Source: The Guardian

In an interview with BBC World Business News, Fatih Birol, Chief Economist of the International Energy Agency, has warned that oil prices are a “dangerous zone” for the global economy. Asked about what is pushing up the price of oil, Dr. Birol highlighted two significant reasons. “One of them is that the market players believe that the demand growth will be very strong this year, mainly driven by China and secondly there is a reluctance, many commentators observe, from the producing countries to increase the production, therefore expectation of a tightening in the markets lead to increase in the prices”, he explained.

5 January 2011
Source: BBC News

Is the world on the brink of another ruinous oil shock? The International Energy Agency (IEA), which speaks for the big industrialised consumers in the West, is nervous. The Organisations chief economist, Fatih Birol, has issued a warning that prices are entering a "dangerous zone" and could leave economic recovery in many countries stillborn. Last month Opec decided against increasing supplies, with Saudi Arabia, the clubs most influential member, suggesting that there was no need for members to meet again until the summer. Given the recent trajectory of prices, however, Mr Birols analysis is more compelling.

17 December 2010
Source: Petroleum Economist

In late November, Dr. Fatih Birol, the chief economist of the International Energy Agency, was in Budapest, Hungary, discussing the IEA’s most recent World Energy Outlook report with the Hungarian government. After his meetings, he gave a public lecture on the challenges facing energy-importing countries over the next 25 years. The main focus of the lecture was on oil demand and production. His most striking example of the world’s increasing demand for oil products was China and the automobile. Today, 500 out of every 1,000 Europeans own a car, in the United States, 700 out of every 1,000 people own a car, while in China, only 30 people in every 1,000 own a car.

15 December 2010
Source: The Chronicle Herald, Canada

High oil prices threaten to derail the fragile economic recovery among developed nations this year, the leading energy watchdog has warned. “Oil prices are entering a dangerous zone for the global economy,” said Fatih Birol, the IEA’s chief economist. “The oil import bills are becoming a threat to the economic recovery. This is a wake-up call to the oil consuming countries and to the oil producers.” The ratio of countries’ oil import bills to GDP, a key measure of the cost of oil prices on economies, is close to levels last seen during the financial crisis in 2008, Mr Birol warned. “It is a very telling story. 2010 rang the first alarm bells and 2011 price levels could bring us to the same financial crisis times that we saw in 2008,” he added.

10 December 2010
Source: Il Sole 24 Ore, Italy

In an interview with Petroleum Economist, IEA Chief Economist Fatih Birol said that todays oil prices of between $85 and $90 a barrel are "already a threat to the worlds economic recovery" and are putting a lot of pressure on the trade balance between countries. The forecast is based on the Agencys New Policy Scenario, in its World Energy Outlook 2010. Oil demand will be driven entirely by non-OECD countries, specifically China, India and the Middle East, says Birol, with annual demand increases of 2.4%, 3.6% and 1.3% respectively. The transport sector will be the main force behind this growth. Natural gas will be "central" to meeting world energy needs, said Birol, and will have "substantial implications for climate change and the geopolitics of energy". Crucially, China is now the "single most-important contributor to the global energy market," said Birol, "how Chinese energy policy evolves will have a profound effect on the rest of the world’’.

7 December 2010
Source: Xinhua

”The decision made by the Chinese government will be more important for the Swedes than their own government”, said Fatih Birol, chief economist of the International Energy Agency while presenting the 2010 World Energy Outlook in Stockholm. The projection for increased vehicle use in China and the country’s ambition in the field of renewable energy and electric vehicles on the global market will significantly shape future energy trends globally. In the context of the current UN Climate Change Summit in Cancun, Dr. Birol called for a legally binding international agreement for reducing the CO2-emissions globally.

2 December 2010
Source: Reuters

In his lecture delivered at the Central European University, Budapest, Dr. Fatih Birol, Chief Economist of the International Energy Agency stated that the era of cheap oil has come to end. “This is a fact we must realise once and for all”, he said. “Fluctuations can, of course, be expected, but in the long run, the trend is clear and points to this direction. Future rise in oil demand will be driven by non-OECD countries, and Iraq will have a decisive role in the expansion of supply”, Birol added.

1 December 2010
Source: Arab Oil & Gas

In the World Energy Outlook, recently published by the International Energy Agency, an assessment of [the Copenhagen accord] promises forms the basis of a “new policies scenario” for the next 25 years. According to the IEA, the scenario puts the world on course to warm by 3.5°C by 2100. The IEA also looked at what it might take to hit a two-degree target; the answer, says the agency’s chief economist, Fatih Birol, is “too good to be believed”. Every signatory of the Copenhagen accord would have to hit the top of its range of commitments. That would provide a worldwide rate of decarbonisation (reduction in carbon emitted per unit of GDP) twice as large in the decade to come as in the one just past: 2.8% a year, not 1.4%. Mr Birol notes that the highest annual rate on record is 2.5%, in the wake of the first oil shock.

30 November 2010
Source: Miljöaktuellt, Sweden

While oil resources are depleting we are now entering a golden era for natural gas, referred to as a silent gas revolution. The abundance of gas resources on the market can deal with a rise in gas demand without affecting the price too much. “This will have an effect on the development of renewable energy sources, not the least as demand for gas is expected to rise by 44 percent until 2035’’, said IEA chief economist Fatih Birol in Stockholm today. “The investment in renewable energy has already decreased, in the US only by 70 percent compared to last year’’, Birol added.

29 November 2010
Source: Portfolio, Hungary

The roles undertaken by the United States and China in the struggle against climate change were at the core of today’s presentation in Budapest of the 2010 World Energy Outlook by IEA Chief Economist Dr. Fatih Birol. Although the Asian giant’s 2009 consumption was only half the amount used by the US, it may grow to the world’s largest power consumer within a very short time, Dr. Birol said.

29 November 2010
Source: Regering & Riksdag, Sweden

Interviewed by Il Sole 24 Ore, Fatih Birol, the IEA Chief Economist, said that nuclear and renewable energy could be powerful allies, ideal as complementary. Nuclear power is a basic electricity while renewables are full of progress and future, but still immature and expensive. Therefore the best policy should aim to including both in the energy mix and the question that arises today is not a choice between nuclear and renewables, but keep in mind that the world needs both.

26 November 2010
Source: Világgazdaság, Hungary

The period of low oil price has "gone," said Fatih Birol, chief economist of International Energy Agency (IEA). The price of crude oil has been surging of late on a renewed sense of optimism regarding the state of the global economy. In this context, Birol told Xinhua, oil is set to rise, and low oil prices have gone.

25 November 2010
Source: Reuters

The International Energy Agency (IEA), which tracks global energy developments for the world’s industrial countries, recently reported that subsidies around the world for fossil fuels (coal, gas, and oil), at $312 billion per year, are nearly six times the $57 billion in subsidies for renewable energy sources such as solar and wind energy. “Getting the prices right, by eliminating fossil-fuel subsidies, is the single most effective measure to cut energy demand in countries where they persist, while bringing other immediate economic benefits’’, said the IEA.

25 November 2010
Source: EV Wind, Spain

In terms of world energy policies, actors outside the European continent are becoming increasingly influential. The European Union is losing time’’, warned International Energy Agency chief economist Fatih Birol today in Brussels. In its annual World Energy Outlook, the IEA states that failure in Copenhagen has cost us at least $1 trillion". Moreover, there are still 1.4 billion people living without access to electricity, the report estimates.

25 November 2010
Source: The Economist

Natural gas oversupply will extend into the coming 10 years, the International Energy Agencys (IEA) chief economist Fatih Birol said on Wednesday in a conference call organized by Credit Suisse on the World Energy Outlook. Natural gas prices will also rise to $7 MMBTU, supported by growing demand from China and the Middle East and retirement of coal generating facilities worldwide, Birol said. Among all fuels, demand for natural gas is likely to grow in all case scenarios devised by the agency, IEA said.

22 November 2010
Source: Reuters

The latest World Energy Outlook released by the International Energy Agency is a useful reminder of the enduring place of fossil fuels in the global energy mix. This year’s IEA outlook report shines a spotlight on the growing importance of natural gas in the global energy equation [...] and on new policies which will increase the share of renewables in electricity generation to a third by 2035. All of this underscores the immense challenges involved in shifting energy systems away from existing fuel sources and infrastructure.

22 November 2010
Source: The Globe and Mail, Canada

By 2035, according to the International Energy Agency, China will be using a fifth of all global energy, a 75% increase since 2008.[…] Such figures translate into major gains for [commodity] exporters.

22 November 2010
Source: Dziennik, Poland

China accounts for a large part of the projected global increase in demand for oil and coal, and consequently also CO2 emissions, but China also has a second role said Dr. Birol. "According to our projections, the largest increase in low-carbon technologies and in advanced road transport technologies will come from China."

22 November 2010
Source: Gazeta Wyborcza, Poland

Oil prices will rise beyond $200 a barrel as global supplies, strained by rising demand from China, India and other emerging economies, near their peak in 2035, the International Energy Agency (IEA) predicted yesterday. Ahead of that, the Paris-based IEAs 2010 World Energy Outlook also forecast prices of more than $100 a barrel in 2015. "Production in total does not peak before 2035, though it comes close to doing so," the agency said. The IEA’s chief economist, Fatih Birol, said "the message is clear, the price will go up, especially if consuming countries do not make changes in the way they consume oil, especially in the transport sector."

20 November 2010
Source: Radikal, Turkey

Last week, the International Energy Agency (IEA) launched its annual World Energy Outlook and the gas forecast is still as depressed as in the aftermath of the financial crisis. That does not sit well with the large exporter Norway, who in increasingly will rely on the sale of gas as oil production has fallen by 40% since 2001. IEA Chief Economist Fatih Birol explained the forecast by adding that the European economy is weak and the continent is flooded by gas, amongst others by LNG ships from Africa and the East.

19 November 2010
Source: The Australian

According to IEA Chief Economist Fatih Birol "the quickest way of combating global warming is to stop subsidizing fossil fuels, which are five times more public support for renewables worldwide. Fossil fuels got 312 billion dollar of public subsidies in 2009, whereas renewables received 57 billion."

18 November 2010
Source: El Economista, Spain

The International Energy Agencys latest World Energy Outlook, released this month, contains sobering facts about where the main game must be when it comes to building a low carbon emissions world. It says while renewables-based power generation will triple between 2008 and 2035, solar energy will only ever account for 2 per cent of global electricity production.

18 November 2010
Source: El Mundo, Spain

The renewable energy support from public funds, as far as governments can afford it, is fundamental to a world that needs security of supply and control the climate change. The opposite – removing all subsidies - can have a devastating effect for an industry which is every day more strategic, said IEA Chief Economist Fatih Birol today, presenting the latest World Energy Outlook.

18 November 2010
Source: El Paìs, Spain

Regarding conventional crude oil production, we are now, in all likelihood, living in a "post-peak" world. According to its new report World Energy Outlook 2010, the IEA blames a number of factors for this: a combination of supply constraints due to below-ground geological resource limits, above-ground factors such as political obstacles to fully exploiting existing reserves (such as in Iraq) and international commitments to reducing fossil-fuel emissions to meet climate targets.

18 November 2010
Source: Peoples Daily, China

IEA explains the doubts about China’s energy consumption differences: IEA Executive Director Nobuo Tanaka explained that IEA’s statistics include traditional biomass in total primary energy demand while those released by the Chinese government does not include traditional biomass and this generates 4-5% difference.

18 November 2010
Source: Wall Street Journal

By 2035 gas production from the Caspian region could exceed 310 bcm, which is equal to three new Norways on the global gas market said Dr. Birol. He highlighted that Europe should be aware that in the future China will compete with it for the resources in the Caspian region. "We foresee that the share of unconventional gas will grow in total gas production, especially in the USA and Canada. We also have good signals from Australia and China. Exploratory activities are being undertaken in Europe, including in Poland" said Dr. Birol.

17 November 2010
Source: China Energy Web

China’s biomass use, which the government excludes from its consumption estimates, placed the country ahead of the U.S. as the world’s largest energy consumer in 2009, the International Energy Agency said. Inclusion of “traditional biomass use” in rural areas, such as the burning of grain stems or wood for cooking, increases China’s energy consumption by four to five percent, Nobuo Tanaka, executive director of the Paris-based adviser said at a press conference in Beijing today.

17 November 2010
Source: Bloomberg Businessweek

China has nudged to the pinnacle of world energy consumption rankings on the back of pig manure and other kinds of biomass fuel, according to the chief of the International Energy Agency, explaining why estimates differ. "We know what the difference is. Its about the coverage of data for energy consumption. Our energy consumption covers so-called conventional traditional biomass, mostly in rural areas," he told a news conference in Beijing to present the findings of the IEAs latest World Energy Outlook.

17 November 2010
Source: Reuters Africa

“The energy world is facing unprecedented uncertainty’’, said International Energy Agency Chief Economist Fatih Birol. The global economic crisis of 2008 2009 threw energy markets around the world into turmoil and the pace at which the global economy recovers holds the key to energy prospects for the next several years. But it will be governments, and how they respond to the twin challenges of climate change and energy security, that will shape the future of energy in the longer term.

17 November 2010
Source: 21st Century Business Herald & Ifeng, China

The International Energy Agency last week called for eradicating fossil fuel subsidies, which would boost the global economy, environment and energy security. “There should be a better way for helping poor people rather than undermining the energy markets,” IEA Executive Director Nobuo Tanaka said. “We know by phasing out subsidies, yes, it helps reduce demand of the global energy markets by about 5mn barrels per day”, he added.

17 November 2010
Source: The Prague Post, Czech Republic

Presenting the World Energy Outlook 2010 today in Madrid, IEA Chief Economist Fatih Birol said "given that the LNG (Liquefied Natural Gas) is cheap today, many importers may turn to their exporting operators to try to renegotiate existing contracts as three European companies from Italy, Germany and Turkey have already done so far. The new contracts will be less indexed to oil prices so that will reflect market realities, which would be good news for importers such as Spain".

17 November 2010
Source: Energíadiario, Spain

The oil market will be very well supplied toward the end of next year, Nobuo Tanaka, the International Energy Agencys (IEA) executive director, said at a news briefing in Beijing on Tuesday.

17 November 2010
Source: Yicai, China

New European Union proposals for a tough cut in carbon dioxide emissions would have only a limited impact on the global warming process, International Energy Agency chief economist Fatih Birol told Reuters on Monday in Warsaw. He said the gains from the tougher EU reduction target would roughly equal only two weeks of Chinas emissions. With regards to the forthcoming United Nations climate summit in Mexico, "the wind is not blowing in the right direction for fighting global warming. Frankly, there are virtually no chances for the Cancun summit to end in legally binding agreement," Birol said, adding, "I would be very happy to be proven wrong on this."

15 November 2010
Source: Reuters India

The implications of the International Energy Agency’s (IEA) new report, World Energy Outlook 2010, are stark. Its 25-year “New Policies Scenario” projects that it is most probable that conventional crude oil production “never regains its all-time peak of 70 million barrels per day reached in 2006.” Crude oil production is most likely to stay on a plateau of around 68-69 million barrels per day. However, the IEA concludes that total growth in liquid fuels from other unconventional sources will more than make up for the shortfall in crude. Despite this apparent optimism […] in the words of IEA chief economist Fatih Birol, “the age of cheap oil is over.”

15 November 2010
Source: Middle East Online

The pressure to switch away from long-term oil-indexed gas contracts will continue after some buyers were successful in renegotiating terms, according to Fatih Birol, chief economist at the International Energy Agency. “How the long-term contracts are formulated may evolve, moving away from the oil-based contract to some new, creative solutions,” Birol told reporters today at a conference in Oslo on a panel with Statoil CEO Helge Lund. “I don’t expect a divorce between the oil prices and gas prices, but there are maybe some longer-distance relationships.”

15 November 2010
Source: Bloomberg

Presenting the WEO to minister Maxim Verhagen, chief economist Fatih Birol predicted yesterday that gas prices will hardly rise. Countries like Germany, Italy and Turkey already renegotiated their long-term contracts. And its not for sure that Caspian gas will go to Europe, as China is quickly deploying pipelines to the region.

15 November 2010
Source: Gulf Times, Qatar

According to a projection in the International Energy Agency’s latest annual report, released last week, production of conventional crude oil probably topped out for good in 2006, at about 70 million barrels a day. Production from currently producing oil fields will drop sharply in coming decades, the report suggests. […] A major boost in [unconventional oil sources and increased production of natural gas liquids] should be able to meet demand, but that is far from certain, Nobuo Tanaka, the agency’s executive director, told reporters.

15 November 2010
Source: Dagens Næringsliv, Norway

Bigger uncertainty than ever. That’s the description the IEA gives of the prospects for the energy world in its large report ”World Energy Outlook”. The uncertainty is about both how fast economic growth will rebound after the financial crisis and about how the world will handle the two challenges of energy and climate. The report show how large the challenges are.

14 November 2010
Source: New York Times

According to the authors of the International Energy Agency’s 2010 World Energy Outlook, it is regrettable that “The commitments that countries have announced under the Copenhagen Accord to reduce their greenhouse-gas emissions collectively fall short of what would be required to put the world on a path to achieving the Accord’s goal of limiting the global temperature increase of 2°C”.

13 November 2010
Source: Arab News

High oil prices are hindering economic recovery and it would not be in the interest of the oil-producing OPEC states to see oil above $90 per barrel, the chief economist of the International Energy Agency (IEA) said. Asked if the current price of oil was starting to damage the economy, IEA chief economist Fatih Birol told Reuters on Monday: "At these high levels of prices, it would definitely be a problem for economic recovery. This may well strangle the economic recovery of many countries." Asked if he though OPEC would change supply if oil prices topped $90, Birol said: "I think if it goes above $90 it is not a good thing for OPEC countries as well."

12 November 2010
Source: Petroleum Economist

When Fatih Birol speaks, the world listens. And when he lets his annual World Energy Outlook (WEO) speak, it is taken all the more seriously, as this is regarded as the almanac of the energy world, which is anxiously and eagerly awaited all around. The focus of WEO 2010 was clearly on two issues: the emerging, dominant role of China in the global energy equation and the faltering climate battle. Chinas increasing appetite for energy will drive rising global energy demand over the coming decades, putting the country in a position to mould the future of both energy security and alternative energy sources. “I see a double role for China in the future,” Birol said in rather clear terms.

11 November 2010
Source: Financieele Dagblad, Netherlands

Chinese and Indian energy demand are set to grow rapidly - and this will almost double the price of oil within the next 25 years, forecasts the International Energy Agency (IEA). Now the Organisation is asking above all for government support to back up solar, wind and other renewables. The IEA asked governments to increase support for energy efficiency as well as to push low-carbon technologies. “We have to leave fossil fuels by switching to technologies that emit much less carbon dioxide into the atmosphere”, said IEA Executive Director Nobuo Tanaka.

11 November 2010
Source: European Energy Review

Unconventional oils share of world crude supply could rise above 10% by 2035, helping offset weaker conventional output, amid a sharp rise in Asian demand, says the International Energy Agency (IEA). "We expect crude oil production to reach a plateau in the next few years from existing [conventional] fields, but global oil demand will increase, driven by China, India and the Middle East," says the agencys Chief Economist Fatih Birol. Canada would be responsible for a "significant contribution" to maintaining global oil production levels, he adds

11 November 2010
Source: De Telegraaf, Netherlands

The IEA experts consider that gas will play a key role to satisfy this demand [pulled by emerging economies] and that a golden era for gas will materialise if coal, its main rival to generate electricity (but emitting twice more CO2), is to face up carbon tax.

11 November 2010
Source: Le Monde, France

The International Energy Agency (IEA) yesterday said crude could exceed $200 by 2035 as the worlds conventional output flattens unless governments curbed consumption. "The message is clear: the price will go up, especially if consuming countries do not make changes in the way they consume oil, especially in the transport sector," Fatih Birol, the chief economist of the IEA said as the agency released its 2010 World Energy Outlook.

10 November 2010
Source: Tehran Times, Iran

The energy statistics organisation has previously predicted an abundance of gas for five years due to new "shale" reserves being exploited in the US and the growing ability of gas companies to ship the fuel in liquefied form (LNG). However, the IEA now believes the glut could last a decade and keep prices lower for longer according to latest findings of World Energy Outlook 2010, released yesterday. In its annual World Energy Outlook, the IEA also predicted that oil prices would reach only $113 per barrel by 2035 adjusted for inflation – well below other expert predictions. It also issued a warning that the cost of failing to reduce CO2 has already hit $1 trillion and will only continue to rise.

10 November 2010
Source: The Telegraph

Where will the new energy demand in the next twenty-five years? Fatih Birol, chief economist of the International Energy Agency (IEA) replied during the launch of World Energy Outlook: "I would say it will be five areas of the world. China, China, China, Middle East and India." This is the most striking aspect of the scenarios sketched by the agency in the new edition of the IEAs World Energy Outlook, presented yesterday in London. China, which the IEA has just stolen the sceptre of the United States more energy-intensive country in the world, is still far from stable consumption: by 2035 its electricity demand expected to triple, prompting Beijing to build new power plants for additional installed capacity of approximately the equivalent of the entire network of the United States.

10 November 2010
Source: Il Sole 24 Ore, Italy

Global oil supplies will come close to a peak by 2035, when prices will exceed $200 a barrel, the International Energy Agency said in its 2010 World Energy Outlook. The conventional crude output has already peaked and will flatten in the next 10 years, boosting reliance on costlier unconventional sources such as oil sands. Oil prices will rise even further if governments dont act to curb consumption, the agencys chief economist and lead author of the report, Fatih Birol said.

10 November 2010
Source: Edmonton Journal, Canada

China will drive a global surge in energy demand over the next two decades, with the country expected to account for more than a fifth of world demand by 2035, according to the International Energy Agency’s World Energy Outlook 2010. The greatest driver for oil demand will come from the transportation sector, according to Fatih Birol, the IEA’s chief economist.

10 November 2010
Source: El Correo, Spain

The IEA declares “The era of cheap oil is over”. The IEA forecast that, by 2035, despite large investments in alternative sources of energy, crude oil will remain the dominant fuel of choice, and China will firmly establish itself as the largest consumer of energy.

10 November 2010
Source: Financial News, Korea

In WEO 2010, the IEA forecast that between 2008 and 2035 the global total primary energy supply will increase by 36% and the GHG emissions will increase by 21%. In addition, the “international” price of crude oil will increase to 113 USD / barrel, but the price of natural gas will fall due to over-production. The IEA further forecast that the in the energy mix, the share of crude oil will fall from 33.0% to 28% and nuclear from 8.0% to 6.0%; however, renewable will increase from 7.0% to 14.0%. By 2035, China, whose energy demand was half of that of the United States in 2000, will be the largest consumer of energy, accounting for 22% of the world’s total energy consumption.

10 November 2010
Source: Business Day, South Africa

IEA chief economist Fatih Birol said that the world was entering a "golden age of gas" because of surging production of shale gas using new technology developed in the United States. He said that the IEA was now predicting a global surplus of the fuel of about 150 billion cubic metres annually in the years ahead, equivalent to 5 per cent of world demand. Modest gas prices will in turn have a negative impact on many alternative fuels, including renewables and nuclear energy," he said. Compared with nuclear energy for example, ’’The advantage of gas is that you have a very low capital cost compared with nuclear’’, he added.

10 November 2010
Source: The Australian

Many states massively subsidise the use of coal, oil, gas or electricity, as the recently published World Energy Outlook 2010 of the International Energy Agency (IEA) shows. Providing its nationals with cheaper gasoline or subsidised electricity costs 25 developing and emerging countries overall a total of USD 312 billion, as the IEA highlighted in this year’s annual publication. These substantial subsidies have many negative side effects for these countries as they are extremely costly and incite wasteful use.

10 November 2010
Source: Süddeutsche Zeitung

Chinese energy use was only half that of the United States in 2000. The increase in China’s energy consumption between 2000 and 2008 was more than four times greater than in the previous decade. Prospects for further growth remain strong, given that China’s per-capita consumption level remains low, at only one-third of the OECD average, and that it is the most populous nationon the planet, with more than 1.3 billion people.

10 November 2010
Source: CBN, China

Oil demand and price are set to grow steadily over the next 25 years despite environmental policies, essentially dooming climate-change goals, the International Energy Agency forecast Tuesday. Even under climate change pledges made under the Copenhagen Accord, fossil fuels will still account for over half the increase in total energy demand, the IEA said.

10 November 2010
Source: People’s Daily, China

Cheap gas can have negative consequences for the Netherlands, IEA chief economist Fatih Birol said while in the Netherlands to present the 2010 World Energy Outlook: "the golden age for oil is over; the golden age for gas is coming". "Crude oil peaked in 2006" and "cheap gas will crowd out renewables", he added. "China will invest in renewables, because it wants to be less dependent on expensive oil, because cities suffer from pollution and because it wants to invest in new technologies. The west can profit from technological breakthroughs in renewables in China", Birol said.

China will play important role in global energy markets

10 November 2010
Source: New York Times

The International Energy Agency expects a re-shuffling of roles among the main global oil producers. According to the Agency’s experts, OPEC will take its revenge; its share of oil supply will increase from 41% to 52% in 2035 thanks to growing production in Saudi Arabia and Iraq. The oil cartel hasn’t seen such a market share since the times of the first oil shock in 1973-1974. Saudi Arabia overtakes Russia as the world’s largest oil producer.

10 November 2010
Source: Vremya, Russia

Oil demand and price are set to grow steadily over the next 25 years despite environmental policies, essentially dooming climate-change goals, the International Energy Agency forecast on Tuesday. Even under climate change pledges made under the Copenhagen Accord last year, fossil fuels will still account for more than half the increase in total energy demand, with oil to remain the dominant fuel, the IEA said in its World Energy Outlook report. It forecasts demand for oil to rise by 18 per cent between 2009 and 2035, driven by developing countries, with nearly half the increase due to China alone.

10 November 2010
Source: Vedemosti, Russia

Ringing the alarm bells’. That is how Fatih Birol, Chief Economist of the International Energy Agency, sums up the underlying message coming from the new 2010 edition of the World Energy Outlook (WEO), annual flagship publication of the International Energy Agency (IEA), published on Tuesday. To Birol it is clear that governments should take action – for example, to give financial support to renewable energy, to stimulate the development of electric cars and to do everything they can to wean their populations off their oil addiction. Contrary to some news reports, the WEO does not predict the imminent appearance of “peak oil”, but it does recommend, as Birol confirms, that the countries of the OECD make sure that oil production does peak as soon as possible.

10 November 2010
Source: The National, United Arab Emirates

According to Fatih Birol, IEA Chief Economist, gas could well enter a golden age sometime soon. Being cheap and abundant, this fuel may threaten the development of nuclear and renewable energy.

10 November 2010
Source: Les Echos, France

Conventional oil production may plateau at 70 Mb/d by 2020 indeed. But liquefied gas or unconventional oil will take over and supply the extra needs, thus allowing for an increase in global production for decades to come. The peak in production would then not be reached before 2035.

10 November 2010
Source: Le Temps, Switzerland

According to the International Energy Agency « even if the commitments under the Copenhagen Accord were fully implemented, the emissions reductions that would be needed after 2020 would cost more than if more ambitious earlier targets had been pledged », the Agency said in its annual flagship report the World Energy Outlook (WEO).

10 November 2010
Source: The Independent, UK

When asked about the certainties that the energy sector faces, Dr. Birol said "The era of cheap oil is over. And it will be China that will have the most important effect on what will happen in the global energy markets due to the sheer size of their economy. Every decision made in China will have an effect globally and also Polish citizens should get accustomed to the fact that not all decisions made in Warsaw will have the same effect in their lives compared to some decisions that will be made in Beijing."

10 November 2010
Source: Rzeczpospolita, Poland

The International Energy Agency has warned that governments need to do more to increase efficiency and boost green technologies to meet a forecasted 36 percent jump in energy demand between 2008 and 2035. Oil subsidies were limiting the scope for higher prices to choke off demand and change consumer habits, the IEA said, and called for oil subsidies to be reduced. "If subsidy policy does not change, with increasing price assumptions, these $312 billion in subsidies for 2009 will reach $600 billion in 2015. Thats huge," IEA chief economist Fatih Birol said.

9 November 2010
Source: The Financial Times

In its annual World Energy Outlook, the International Energy Agency predicts that oil prices would rise to $113 per barrel in 2035 from just over $60 per barrel in 2009, because of growing demand for cars and airplanes and increasingly difficult to reach reserves. While that might not be good news for consumers, it would provide more of an incentive to try other options, Fatih Birol, the IEA’s chief economist, said. “Moving, for example, from an oil-based to an electric car is one, if not the only, tool oil importing countries have in having a say in the international oil markets,” Birol said.

9 November 2010
Source: The New York Times

Chinas insatiable thirst for fossil fuels to power its surging economy could put pressure on global energy supplies and drive up oil prices to much higher levels over the next 25 years, according to the International Energy Agency. Strong growth in Chinese energy demand "may well change oil market expectations, and if supply doesnt respond accordingly, we may see higher prices than we have now," said Fatih Birol, the IEAs chief economist.

9 November 2010
Source: The Wall Street Journal

Worldwide demand for primary energy will increase by 36% between 2008 and 2035, according to the International Energy Agency’s World Energy Outlook 2010. Emerging economies will account for almost all of this of this increase (93%). China, which overtook America last year to become the world’s largest energy user, is projected to increase its demand by 75% over the same period. Fossil fuels will still be the dominant source of energy in 2035, though their share in the energy mix will fall in favour of renewable energy sources and nuclear power.

9 November 2010
Source: The Economist

A global gas glut which could last a decade will act as a "major barrier" to the development of renewable energy, cleaner coal plants and nuclear power, according to the International Energy Agency’s World Energy Outlook 2010. Fatih Birol, IEA’s Chief Economist said that "the golden age of gas" will lead to cheaper gas prices for consumers, particularly in Europe, but warned that “from the perspective of renewables and nuclear its not good news" as gas plants low operating cost will make it harder for wind farms and other renewables, including nuclear, to compete and attract investment.

9 November 2010
Source: The Guardian

The IEAs World Energy Outlook 2010 says: "Subsidies that artificially lower energy prices encourage wasteful consumption and undermine the competitiveness of renewable and more energy-efficient technologies." The IEA also warns that the failure to reach a strict emissions agreement at Copenhagen makes it much more difficult and expensive to achieve the stated UN goal of stabilised emissions at a level equated with a temperature rise of 2C.

9 November 2010
Source: BBC News

International Energy Agency (IEA) released "World Energy Outlook 2010." IEA said oil price rises $243.8 per barrel in a scenario governments continue current energy policies. Tanaka Nobuo, the Secretary General, said the situation over energy "has been facing unprecedented uncertainty." The global energy demand in the scenario is expected to expand to 180 Mtoe from current 122 Mtoe. Emerging economies such as China are expected to account for much of the increase in demand.

9 November 2010
Source: Nihon Keizai Shimbun, Japan

According to the 25-year forecast in the IEAs latest annual World Energy Outlook, the most likely scenario is for crude oil production to stay on a plateau at about 68 to 69 million barrels per day. The consequences for the world’s energy consumers of this increased reliance on natural gas liquids and other unconventional fuels are stark. "The age of cheap oil is over," said Fatih Birol, IEA chief economist "If the consuming nations do not make major efforts to slow down the oil demand growth, we will see higher oil prices," Birol said, "which we think is not good news for the economies of the consuming nations."

9 November 2010
Source: National Geographic

Global oil supplies will come close to a peak by 2035 when oil prices will exceed $200 a barrel, the International Energy Agency said on Tuesday, as China and other emerging economies drive demand higher. "The message is clear, the price will go up, especially if consuming countries do not make changes in the way they consume oil, especially in the transport sector," IEA Chief Economist Fatih Birol said.

9 November 2010
Source: Reuters

“Oil market developments and growth in CO2 emissions are my greatest concern,” said IEA Chief Economist Fatih Birol. At launch of the World Energy Outlook 2010. “Demand from emerging markets will be strong. There is a lack of united political will to reduce carbon emissions.” Birol added.

9 November 2010
Source: Bloomberg

International Energy Agency (IEA) released 2010 edition of "World Energy Outlook," and announced the preliminary data indicated that shows that China became a world energy consumer surpassing the United States in 2009. Also, it predicted China will lead the world in power generation by renewables such as wind and solar PV. It also said measures cost more by at least one trillion dollars (about 80 trillion yen) because enough agreement was not achieved at the 15th Conference of the Parties of the Framework Convention on Climate Change (COP15) in the last year.

9 November 2010
Source: Sankei Shimbun, Japan

Governments need to do more to increase efficiency and boost green technologies to avoid a spike in oil prices as energy demand is expected to jump 36 percent through 2035, the International Energy Agency warned at the launch of World Energy Outlook 2010. Nations meeting in Copenhagen last year pledged varying reductions to their carbon emissions by 2020 - ranging from 17 percent for countries including the United States and Canada to 45 percent for China. "Whether or not these countries fulfil their targets is a big question," said IEA Chief Economist Fatih Birol. "We consider Copenhagen to be a failure ... some of the pledges are very vague."

9 November 2010
Source: Forbes

China will continue lead the charge as the No. 1 energy consumer over the next quarter-century, and oil will remain the dominant fuel despite huge investment in alternatives, according to IEA’s World Energy Outlook released in London. Internationally, the use of renewable energy sources -- hydro, wind, solar, geothermal, biomass and marine energy -- is expected to triple between 2008 and 2035, according to the report. But despite all the investment in cleaner alternatives, the overall mix of energy use is expected to be little changed, with oil remaining the most popular energy use in 2035, followed by coal, the report said.

9 November 2010
Source: CNN Money

Global subsidies for renewable energy totalled $57 billion in 2009”, International Energy Agency Chief Economist Fatih Birol said today at the launch of World Energy Outlook 2010.“In the absence of government support, many renewable energy technologies will struggle to survive, especially in a cheap-gas environment,” Birol said. About $5.7 trillion will be invested in electricity generation from renewables such as wind and solar power during the next 25 years, according to the agency’s World Energy Outlook. Government support for the industry can be justified “by the long term economic, energy security and environmental benefits they can bring,” the agency said.

9 November 2010
Source: Bloomberg

Global oversupply of gas is set to rise above 200 billion cubic metres (bcm) next year and capacity is likely to exceed demand for another 10 years, despite rising gas use, the International Energy Agency said on Tuesday at the launch of the World Energy Outlook 2010. "The gas glut will be with us 10 more years," IEA chief economist Fatih Birol said.

9 November 2010
Source: Reuters Africa

China will become the world’s biggest user of electricity in 2012, overtaking the U.S., as its economic growth is set to outperform the western world, according to the International Energy Agency’s World Energy Outlook.”China, where power demand will rise 7.7 percent a year from now until 2015, will add about 600 gigawatts of coal-fired generation capacity in the next 25 years” IEA Chief Economist Fatih Birol said.

9 November 2010
Source: Bloomberg

“The energy world is facing unprecedented uncertainty”, IEA Executive Director Nobuo Tanaka said at the launch of World Energy Outlook 2010. “The strength of the economic recovery holds the key to how energy markets will evolve over the next few years. But WEO-2010 demonstrates that it is what governments do, and how that action affects technology, the price of energy services and end-user behaviour, that will shape the future of energy in the longer term” Tanaka added

9 November 2010
Source: Commidities Now

The study, released yesterday, estimates that global Energy consumption in 2035 will be 36% higher than in 2008. This number covers very different realities. While the energy demand will decline in the rich countries members of the Organization for Economic Co-operation and Development (OECD), in the emerging countries energy demand will increase to sustain their economic and population growth. The greatest demand will come from China which in 2009 has overtaken the US as the worlds biggest consumer of energy. In 2035 the Asian giant will overtake 22% of global demand, compared to 17% today, due to a 75% increase in consumption.

9 November 2010
Source: Maeil Kyongjae, Korea

Oil reversed course following the release of the IEA’s long-term energy outlook, in which the Paris-based agency said oil prices might exceed $100 a barrel in 2015 and $200 in 2035. The IEA also cut its 2035 oil demand outlook by 6 million barrels per day (bpd) to 99 million bpd from its estimate a year earlier.

9 November 2010
Source: Der Spiegel

The International Energy Agency (IEA) has reported today that worldwide subsidies to fossil fuels (coal, oil and gas) annually reached 224,000 million euros, while renewables are about 41,000 million, five times less. The Agency in its annual report on world energy analysis, calls to eliminate subsidies for fossil fuels, as agreed by the G-20 in Pittsburgh in 2009, something that the powers have not yet fulfilled.

9 November 2010
Source: El Pais, Spain

The International Energy Agency (IEA) estimates that global primary energy demand will increase by 36% in the between 2008 an d 2035, equivalent to an annual average of 1.2 percent. In its annual report, the World Energy Outlook, the IEA estimates that energy demand will increase from 12,300 Mtoe (million tonnes of oil equivalent) to 16,700 Mtoe in 2035

9 November 2010
Source: ABC, Spain

China’s push for rapid economic development will dominate global energy markets over the next quarter-century, the IEA reported in its World Energy Outlook 2010. | “China’s decisions on energy will affect every person in the world,” IEA Chief Economist Fatih Birol said. “We project them to be the world leaders, producing new capacity in wind, solar, nuclear and advanced coal.”

9 November 2010
Source: The Economic Times, India

The International Energy Agency expects a re-shuffling of roles among the main global oil producers. According to the Agency’s experts, OPEC will take its revenge; its share of oil supply will increase from 41% to 52% in 2035 thanks to growing production in Saudi Arabia and Iraq. The oil cartel hasn’t seen such a market share since the times of the first oil shock in 1973-1974. Saudi Arabia overtakes Russia as the world’s largest oil producer.

9 November 2010
Source: La Tribune, France

The IEA Chief Economist, Fatih Birol, presented for the first time the Agency’s estimates of worldwide fossil fuel subsidies: they reached $312 billion in 2009, mainly in developing countries, compared with total subsidy of $57 billion for renewables. According to Mr Birol, China will lead the development of renewable energy technologies, contributing to the 20% cost reduction of these technologies, in the period to 2035.

9 November 2010
Source: Kathimerini, Greece

The International Energy Agency’s World Energy Outlook shows that the gas surplus will last for another 10 years. Global gas demand will reach 4.5 tcm in 2035 from a level of 3.2 tcm in 2008. Chinese energy demand will incease by 75% from 2008 to 2035, or 36% of the global incremental growth.

9 November 2010
Source: Le Figaro, France

“Renewables in Spain have a difficult task in the future’’, IEA Chief Economist Fatih Birol said today in Madrid, presenting the latest World Energy Outlook. In Spain, the percentage representing electricity generation will fall from 19% now to 32% in 2035, but it is only possible if the incentives are maintained, which can amount to 200 billion dollars in 2035. The question is whether these subsidies can be maintained in a context of crisis, so we must proceed with caution. One example is what happened in Spain where it is necessary to contain these costs. However, you can not completely remove incentives”, he added.

9 November 2010
Source: Deutsche Welle

An estimated 1.4 billion people worldwide lack access to electricity – and the majority of them will remain in the dark indefinitely unless the international donor community reallocates hundreds of millions of dollars over the next two decades, according to the chief economist of the International Energy Agency. “If there is no major breakthrough, despite growth in global economy, in 2035 there will be 1.2 billion people who will still have no access to electricity,” says Fatih Birol, top economist for the autonomous group that monitors worldwide energy supply and demand.

9 November 2010
Source: Aftenposten, Norway

The international Energy Agency say it is less likely than ever that the goal to limit global warming to 2 degrees over pre-industrial levels will be achieved. The message from the IEA is not very surprising, but alarming nevertheless. The world is barely moving in the right direction. Too little is done and action is coming too late. Prospects for a significant change in the outlook after the coming high level climate meeting in Mexico is not promising.

9 November 2010
Source: VG, Norway

The IEA in its World Energy Outlook 2010 estimated fossil fuel subsidies at USD 312 billion in 2009, mostly in developing countries, compared with USD 57 billion in subsidies for renewable energy.| “Eradicating subsidies to fossil fuels would enhance energy security,” said IEA Executive Director Nobuo Tanaka. “It would reduce emissions of greenhouse gases and air pollution, and bring economic benefits.”

9 November 2010
Source: Reuters

Greenpeace welcomes IEA´s call to cut the $312 billion in global fossil fuel subsidies, which would reduce fossil fuel demand and result in a fall of 2 gigatonnes CO2 or 5.8% of global energy related CO2 emission, according to the IEA’s World Energy Outlook 2010 report launched today. We welcome that renewables are now in the focus of the 2010 edition,” said Sven Teske, Renewable Energy Director Greenpeace International. “The IEA is increasingly recognizing the important role renewable energy can play to fight climate change and improve security of supply.

9 November 2010
Source: Greenpeace

The publication by the International Energy Agency (IEA) of its World Energy Outlook (WEO) in November each year is always an event that fuels debates about the key issues surrounding the world’s long-term energy prospects, which in the case of the 2010 edition means the period up to 2035. The WEO incorporates a wealth of information, statistical data and analyses of the highest quality, and among the figures and forecasts included in this substantial volume, those relating to the future investments required are among the most impressive. The 2010 edition, to which AOG devotes a special report (see the interview with Mr. Fatih Birol, the Chief Economist of the IEA, on pages 3-6 and the executive summary of the WEO 2010 on pages 41-50) is no exception to this rule.

12 October 2010
Source: Reuters

Fatih Birol, the IEAs chief economist, said in an interview that 20 years from now, Iraq could be pumping two to three times more than the 2.5 million barrels a day it currently produces. To achieve those levels, Iraq needs to repair its infrastructure, overcome a water shortage and improve its parlous security situation. "If Iraq addresses all these problems, it could be one of the few provinces where well see net growth in oil production," Fatih Birol said.

12 October 2010
Source: The Wall Street Journal

Irans fossil-fuel subsidy was higher than any other country in 2009 at $66 billion, the International Energy Agency said Tuesday, creating strain on the countrys economy and inefficiencies in its energy sector. In its World Energy Outlook report, the IEA recognized Irans recent efforts to address the problems created by the subsidies, but noted many challenges remain before changes are implemented.

21 September 2010
Source: The Charcoal Project

Poor and wealthy nations must take concrete steps to curb carbon emissions at world climate talks in Mexico next week, rather than fall out over specific CO2 targets, The International Energy Agency said on Thursday in Canberra. "In some countries, oil or energy consumption is much more than it should be. Phase-out is a very important action in Cancun which we are strongly recommending to the Mexican president that he take action on," IEA Executive Director Nobuo Tanaka said.

14 September 2010
Source: Arab News

Fatih Birol, IEA chief economist, speaking at the World Energy Congress said the world energy sector faces unprecedented uncertainty. This is due in part to questions regarding the pace and pattern of economic recovery following the recession. He also pointed to what he called "insensitivity of oil demand and supply" with respect to prices because ss much as 90 percent of demand growth for new oil supplies has come from the worlds transportation sector

14 September 2010
Source: Power Gen

Oil prices are likely to rise when the global economy rebounds and demand increases, Fatih Birol Chief Economist at the IEA, said following a speech at the World Energy Congress. He added "On the supply side the cheap oil era is over. The bulk of cheap oil in the industrialized countries has been exploited and what is left is deepwater offshore and the oil sands in Canada, which require higher price levels in order to be profitable".

14 September 2010
Source: Reuters Africa

Fatih Birol, Chief Economist at the IEA, said the resilience of emerging economies such as China and India, which were growing quickly, might be sufficient to protect the rest of the world from a return to recession. “When I look at developing nations such as China, the Middle East and Russia, which can be seen as leading indcators, they do not signal a double dip. They may save the rest of the world.” Birol said.

19 July 2010
Source: The Wall Street Journal

China overtook the U.S. as the world’s biggest energy user last year, suggesting continued strength in global fuel-demand growth, according to the International Energy Agency. Fatih Birol, the IEA Chief Economist said: “as China overtakes the U.S. as the world’s largest energy consumer, it is not only a domestic issue for China, but has repercussions for the rest of the world not only in supply terms, but also in how the energy is consumed. If China uses electric cars, hybrids and so on, they will impose the manufacturing line on most of the rest of the world.”

19 July 2010
Source: Bloomberg Businessweek

China overtook the US last year to become the world’s biggest energy user, the International Energy Agency revealed yesterday. According to Fatih Birol, Chief economist at the IEA, the US had improved the efficiency with which it uses energy by 2.5 per cent annually during that time, while China managed only a 1.7 per cent annual improvement. Birol said: “In the 2000, the US consumed twice as much energy as China, now China consumes more than the US”.

19 July 2010
Source: The Financial Times

Uncertainty in the energy markets is at an unprecedented level, causing distortions all around, asserted Fatih Birol, the IEA chief economist of the Paris-based International Energy Agency, while making the inaugural remarks on the second day of the World Energy Congress in Montreal. Birol also stressed that the gas glut would continue for a longer period of time than earlier anticipated and this would impact the global energy balance for some time to come, as cheap gas would put pressure on competing fuel.

7 July 2010
Source: Reuters India

Article on China’s energy challenges and worries that these could become an international problem, likely to trouble any global efforts to try to avoid environmental damage from rising temperatures. The IEA Chief Economist, Fatih Birol said that of China will not be able to meet its own goals on energy efficiency, the chances of avoiding global warming “are very close to zero”.

5 July 2010
Source: The New York Times

According to new data from International Energy Agency, China is now the worlds biggest energy consumer surpassing for the first time the US. Fatih Birol, the IEA Chief Economist, interview by WSJ said: “The fact that China overtook the U.S. as the worlds largest energy consumer symbolizes the start of a new age in the history of energy”. He added that China is expected to build over the next 15 years some 1,000 gigawatts of new power-generation capacity, approximately the total amount of electricity-generation capacity in the U.S. currently.

4 July 2010
Source: The Arab News

Speaking about the world fuel subsidies, the IEA Chief Economist, Fatih Birol said he expected substantial price reforms in countries with the largest subsidies, which include Russia and China, and that discussions were taking place in Iran. “We are hearing positive signals” he said, adding that eliminating the subsidies would cut greenhouse gasses blamed for global warming and help the world reach a target to prevent temperatures from rising by over 2 degrees Celsius by 2030.

28 June 2010
Source: The Australian

This first exhaustive study of the financial assistance devoted to oil, natural gas and coal consumption prepared by IEA, OPEC, OECD and World Bank combined on request of G20, reported countries spend more than $550 billion in energy subsidies a year, about 75 percent more than previously thought. Fatih Birol, the IEA Chief Economist, commenting the results of the study said he believes removing subsidies would be a policy that could change the energy game "quickly and substantially."

22 June 2010
Source: Platts

Fatih Birol, the IEA Chief Economist, speaking at the Oil Companies Congress in London said: “if this moratorium (about US offshore drilling ban) continues and there are delays, this may in the next five years worldwide lead to some 900,000 barrels per day of delays. Then, if the new safety regulations end up increasing the cost of drilling substantially the competitiveness of the offshore industry will be badly damaged". “If these two things come together” – he added - “I see an ever-growing reliance on onshore basins with a number of NOCs. This is from an oil security point of view a crucial question”.

22 June 2010
Source: NewsDaily

At an oil industry meeting in London, Fatih Birol, the IEA Chief Economist, said he was worried that following the Gulf Of Mexico oil spill, government will impose high-cost regulations on the sector, which will drive away investment. He said “some new regulation is inevitable, but governments need to be aware of the unintended consequences.”

22 June 2010
Source: The Globe and Mail

Speaking about the offshore industry, Fatih Birol the IEA Chief Economist said tighter regulation and higher costs for deepwater drilling were likely to increase the Wests dependence on OPEC oil."Over three-quarters of non-OPEC oil supplies are expected to come from offshore drilling, so if there are increased costs and delays this will accelerate the dominance of OPEC." Birol said.

11 June 2010
Source: Daily Mail

Speaking at the World National Oil Companies Congress, Fatih Birol, Chief Economist at the IEA, warned of the possible impact on offshore exploration of the Macondo spill, including higher offshore costs and possible delays to projects. He said “If new deepwater projects elsewhere in the world are also delayed, the total amount of output affected by 2015 could be as much as 900,000 b/d”.

7 June 2010
Source: Bloomberg

Fatih Birol, the Chief Economist at the IEA, warned that due to the biggest spill in U.S. history the offshore production growth may be slower than expected, pushing up prices. He said: “There could be definitely a negative impact on the offshore product growth, which may in turn mean upward pressure on prices”.

7 June 2010
Source: Bloomberg

Remarking that 90% of non-OPEC oil production growth is expected to come from offshore drilling over the next decade, Fatih Birol, the IEA Chief Economist said “Offshore is one of the very important and last frontiers in the oil business where the supermajors can go and invest and make money. This may be at risk if the trends continue as they are now. In all these regions I get news about new regulations, new standards and so on which would at least post­pone and delay things”.

6 June 2010
Source: The Financial Times

International Energy Agency Chief Economist Fatih Birol called on leaders of the Group of 20 Nations to fulfill their pledge to end fossil-fuel subsidies, a move he said will cut oil demand and greenhouse-gas emissions. Birol said that subsidies just for consumption totalled $557 billion in 2008 and stopping aid by 2020 would reduce global oil demand by 6.5 million barrels a day. “This is the only single policy item that could make such a major change in the global energy and climate-change game” said Birol.

27 May 2010
Source: People Daily, China

At the sidelines of the 2010 OECD Forum and Ministerial Meeting, the Chief Economist at the IEA, Fatih Birol said the emerging countries can have better future in terms of green growth compared with developed countries. “Emerging countries have a big potential, because they are now establishing the infrastructure”, Birol added.

27 May 2010
Source: Global Times

Speaking at the OECD Annual Forum, Fatih Birol, the IEA Chief Economist said” The era of cheap oil is over. We have to get used to higher oil prices even if there is no crisis or crunch”. Birol added that oil production in non-Organization of Petroleum Exporting Countries is reaching a peak and the bulk of oil predication growth will have to come from a few countries in the Middle East.

25 May 2010
Source: Nasdaq

According to the IEA exhaustive study on the financial assistance devoted to oil, natural gas and coal consumption, the world economy spends more than $550bn in energy subsidies a year. Commenting the report that will be discussed at the G20 Summit this month, Fatih Birol, the IEA Chief Economist, said: “I see fossil fuel subsidies as the appendicitis of the global energy system which needs to be removed for a healthy, sustainable development future. Phasing out oil, natural gas and coal subsidies” – he added – “would increase energy efficiency and push investments in clean energy sources”.

12 May 2010
Source: Hurriyet Daily News, Istanbul

During the 2010 OECD Forum and Ministerial Meeting which focus on innovation and green growth, Fatih Birol, the IEA Chief Economist, highlighted that developing countries should take the opportunities to think about how they construct the mobility system and what power plant will be built, in a bid to avoid the faults most OECD countries made. He added “Emerging economies are in face of making these big decisions and if they make right decisions, then they can have a better future than OECD countries”

28 April 2010
Source: Reuters India

After a speech at the United Nations, IEA Chief Economist, Fatih Birol said that Crude oil prices of $85 a barrel or higher could "strangle" an economic rebound. Birol added he is not hopeful an agreement on climate change would come out of talks in Cancun later this year.

28 April 2010
Source: Calgary Herald

In an interview on the sidelines of a United Nations conference on energy and climate change, Fatih Birol, the IEA Chief Economist, said “If the price of oil stays at $80-$85 a barrel for the full year, in 2010 it will be equal to 4.5% of gross domestic product of these lesser developed countries”. Birol added that prolonged high oil prices will also hurt producer countries in the long run, by encouraging efficiencies and allowing costly alternative energy sources to be developed: “Very high prices are not good news for producers. They send strong signals to look for alternatives”

28 April 2010
Source: Dow Jones Newswire

Fatih Birol, the IEA chief economist, speaking at International Energy and Environment Fair and Conference in Istanbul said four main issues would affect the future of the world energy market: high oil prices, abundance of natural gas in the world market, return of nuclear energy and climate change. Commenting Turkey’s energy policy, Birol added: “Turkey can review its contracts with exporter countries. The current contracts between Turkey and natural gas exporter countries should be updated”

2010-04-23

23 April 2012
Source:

For global energy markets, that is a change of potentially huge proportions. “This is going to have big implications for traditional exporters of gas,” says Fatih Birol, chief economist at the International Energy Agency, the west’s industry monitor. “All of them are worried. They have a competitor entering the market that produces gas at much lower cost.”

30 March 2010
Source: The Wall Street Journal

On the occasion of a UN major event, Fatih Birol, the IEA Chief economist said “If the oil prices stay at this level of $85 a barrel and above will be a major risk for strangling the economic recovery efforts, which are very very fragile anyway”. He added that “If as a result of economic recovery, demand continues to grow and if the investment regime is as it is today in four or five years time, we may well see prices which are higher than now”.

19 March 2010
Source: ArgusMedia

Speaking about the oil prices, Fatih Birol, the IEA Chief Economist, warned that the expected rate of investment this year is still about 10% to 15% below what was seen annually earlier this decade. The International Energy Agency estimates that oil-drilling investment globally is currently expected to come in at about $330 billion this year, a rise of about 7% from 2009 when investment collapsed almost 20%.

9 March 2010
Source: Dow Jones Newswire

Speaking about the gas glut, Fatih Birol, the IEA Chief Economist said: “The only way to get rid of the glut is a strong economic recovery, otherwise it will be with us to 2014-15 or even longer. The “silent revolution” of shale gas production in the US may be repeated in Europe which could further extend the glut. If the success continues in Europe, shale gas growth may be similar to the emergence of nuclear power in the 1970s. It has major implications for competing fuels.”

16 February 2010
Source: The Wall Street Journal

Speaking at the National Association for Business Economics (NABE), Fatih Birol the chief economist of the International Energy Agency said that the "era of cheap energy is over," with oil supply unlikely to keep up with demand. Birol added that China will be the main driver of global oil demand, with about 1.5 million barrels a day increase for this year.

4 February 2010
Source: Business Week

Interviewed by the Wall Street Journal about last Decembers United Nations Copenhagen summit, Fatih Birol, the IEA Chief Economist said: “Unfortunately, the wind is not necessarily blowing in the right direction”. He added that “the pledges made so far mean 550 parts per million and result in a three-degree increase in temperature. Thats much higher than many countries would like to see”.

28 January 2010
Source: Reuters

Fatih Birol, chief economist at the International Energy Agency, predicted that the world will see a gas glut in the next four to five years, which he said would have huge implications for gas exporters such as Gazprom.

28 January 2010
Source: AP Featured News

Speaking at the Troika Dialogue in Moscow, Fatih Birol, the IEA Chief Economist said: “I don’t have very good news for Russia. The supply glut will stay until 2015 and may reach as much as 200 billion cubic meters by that year”. Gazprom, is “moderately optimistic” on the outlook for European gas demand as it expects its share of the European gas market to reach 32 percent by 2020 as the Russian gas-export monopoly rejects concerns over a looming supply glut.

26 January 2010
Source: The New York Times

Fatih Birol, IEA Chief Economist said: “When we look at the OECD countries -- the U.S., Europe and Japan -- I think the level of demand that we have seen in 2006 and 2007, we will never see again". Interviewed by Reuters from the sidelines of the Davos conference of business leaders, he added: “If there is a transformation in the transport sector, it may also slow down the growth substantially. Advanced-car technologies are very strong pushed in many countries”.

19 January 2010
Source: Business Week

Interview with Fatih Birol, IEA Chief Economist, on WEO 2009 findings and what the future might hold for the global power sector.

17 January 2010
Source: Trading Markets

Fatih Birol, the IEA Chief Economist, presenting the WEO 2009 at the IEF Secretariat in Riyadh, said that the world is approaching an era of gas glut and by 2015 there would be an excess capacity of about 200 bcm. Birol underlined also that the issue of energy poverty is still haunting the mankind. 1.5 billion People, all over the world, still lack access to electricity, pointing to growing gap between the haves and the have-nots.

17 January 2010
Source: Dawn.com

The inability of government leaders to agree on stricter pollution controls at COP 15 Copenhagen meeting is showing up in commodity markets, where it’s getting cheaper to emit greenhouse gasses. “There is no binding agreement,” said Fatih Birol, IEA chief economist “There is no legal restriction. The global emission trajectory will be more or less in line with an increase of the global temperature of around 3 degrees.”

11 January 2010
Source: The Wall Street Journal

According to the International Energy Agency, revolutionizing the energy industry to achieve a GHG target concentration in the atmosphere of no more than 450 parts per million (ppm) would require building 17 nuclear power plants a year between now and 2030; 17,000 wind turbines a year; or two hydropower dams on the scale of Three Gorges Dam in China. Major investments in new electricity generation from renewable resources are required. Fatih Birol, IEA Chief Economist, said: “For every $100 that goes into electricity, $72 must go into renewables, in which wind plays the most important role”.

6 January 2010
Source: Industrial Fuels and Power

“There still is no clear signal for the energy sector after Copenhagen, and that means that the existing uncertainty in energy sector investments continues, particularly in the developing world,” said Fatih Birol, the chief economist at the International Energy Agency and a Davos 2010 Annual Meeting participant. While maintaining confidence that carbon regulations would spread globally over the long term, Birol warned: “Investors still have the incentives to build the kind of conventional coal-fired plants that lock in significant amount of carbon emissions for many years to come.”

17 December 2009
Source: Scientific American

Fatih Birol, the IEA Chief Economist, presented the main findings of the World Energy Outlook 2009 in Riyadh last week. The International Energy Forum Secretariat (IEFS) Secretary General Noe van Hulst, the host of the day, rightly commented in his introductory remarks, "When Fatih speaks, the entire world listens." And so it was.

14 December 2009
Source: Telegraph

Cutting governmental subsidies for fossil energy could lead to a 10 percent reduction in greenhouse gas emissions by 2050 as compared to 1990 levels, says a recent study by the Organisation for Economic Cooperation and Development. Fatih Birol, IEA chief economist, speaking at COP15 side event, argued that subsidies for fossil energy do not actually benefit the poor, but the middle classes, so there is no reason to worry about negative impacts on the poor if subsidies are scrapped.

14 December 2009
Source: Blue Planet News

Article on The Economist about the peak-oil debate.

10 December 2009
Source: The Economist

If the public has to choose between creating jobs and spending billions to scrub invisible heat-trapping gases from the sky, jobs will win. Thats why the campaign to combat climate change is morphing, at least politically, into an economic-development drive with an environmental twist. Fatih Birol, the IEA’s Chief Economist, commenting Copenhagen promises of the major countries, said: “Theres still a major gap between the current pledges and the desired outcome”.

9 December 2009
Source: Reuters, India

Speaking at a press conference in Istanbul on Wednesday 9 December, Fatih Birol, IEA chief economist, said in WEO’s reference scenario, global energy demand would increase by 40 percent by 2030, reaching an equivalent of 16.8 billion tones of oil. The projection is lower than that of last year’s report, reflecting the impact of the economic crisis and new government policies introduced over the past year.

9 December 2009
Source: Hurriyet Daily News, Istanbul

IEA Chief Economist Fatih Birol’s editorial on Copenhagen Conference

9 December 2009
Source: The Times

Dr Fatih Birol, IEA chief economist, speaking at the Copenhagen climate change summit said that 72p in every pound of new investment ought to be spent on clean energy, such as wind and solar, to hit current targets on global warming. The remaining 28p would be spent on nuclear and fossil fuels.

7 December 2009
Source: Bloomberg

The International Energy Agency developed a climate-change policy scenario as part of its latest annual forecast because it wanted "to be part of the solution as well as part of the problem,". “Sixty percent of the world’s carbon dioxide emissions come from energy. We need to start acting now. It’s not going to be easy. But the alternatives are worse," said Richard Jones, IEA’s deputy executive director. IEA Chief Economist Fatih Birol added; "Actions are necessary despite a likely decline in global energy use in 2009 as a result of the financial and economic crisis".

7 December 2009
Source: Oil&Gas Journal

In an interview with Dow Jones Newswires in Moscow, IEA Chief Economist Fatih Birol told that oil prices may rise in 2010 as "encouraging" economic data presage a global recovery. "If you look at the broader picture, there are definitely encouraging signs," including jobs numbers from the U.S., the worlds biggest oil and gas consumer. "In the longer term, we should definitely forget about the price levels we have seen in the last 15 to 20 years. The era of cheap oil is over." Birol said

7 December 2009
Source: Morning Star

Oil prices above $70-80 a barrel could be risky for global economic recovery, IEA Chief Economist Fatih Birol told in an interview.“Price levels we see today betwen $70-80 dollars is a good price level for almost all investment, but if the prices would go higher than this, it would be risky for the global economic recovery." added Birol.

2 December 2009
Source: Britainnews.net

Financial Times Special Report on the theme “Understanding Energy Policy”

2 December 2009
Source: FT.com

Now that U.S. President Barack Obama has given fresh impetus to climate-change negotiations in Copenhagen, corporate leaders supporting an agreement to control greenhouse-gas emissions are pressing anew for action. “We need a signal at Copenhagen to cap emissions by 2020 and a 2-degree scenario”. All the measures we suggest will bring energy security, because we’ll use less oil and more clean energy”, said in a phone interview Fatih Birol, IEA Chief Economist, who plans to visit Copenhagen for the second of the two weeks of talks.

1 December 2009
Source: Liveoilprices

Environment experts have suggested that if China will achieve its announced-climate target of cutting carbon emissions per unit of gross domestic product (GDP) by 40-45 percent from 2005 levels by 2020, it should implement "substantial societal reforms". Fatih Birol, IEA Chief Economist told Nature News: "If the target is met, it would have significant implications for China and the rest of the world."

30 November 2009
Source: Reuters, Warsaw

China may be the "champion of fighting against climate change" if government policies can be carried through to reach its energy efficiency goals while promoting renewable and nuclear power, said Fatih Birol, the chief economist at the International Energy Agency (IEA), presenting WEO 2009 at the seminar held by the Council on Foreign Relations. If China could reach all of its targets set for 2020, the country could reduce more than 1 billion tons of carbon dioxide emissions, or 25 percent of what the world has to reduce to achieve climate stasis. "Whether or not China could reach these targets, that we dont know. But look at their performance: They set a target, (and) they did it. There is no reason not to believe China could do it," Birol said.

26 November 2009
Source: China Daily

Fatih Birol, IEA Chief Economist, says that demand for crude oil after 2010 may increase significantly and this may pose a risk to the global recovery.“In 2010, there are signs there will be a small green sign. After 2010, with the improvement in the global economy, we may see a very strong increase in oil demand, which may pose a risk for the global recovery,” Birol said presenting WEO 2009 in Warsaw.

24 November 2009
Source: Trading Markets

Fatih Birol, IEA Chief Economist, speaking to an audience of the bankers and energy analysts at the Council on Foreign Relations in New York, said that Chinas motivation in planning for greater nuclear power use, lower reliance on coal and use of cleaner transportation fuels is "energy security," not environmental improvement. But "as a co-benefit, it will help to reduce carbon dioxide emissions."

23 November 2009
Source: Dow Jones

According to a report produced in partnership by the UN Development Program (UNDP) and the World Health Organization (WHO), with support from the International Energy Agency (IEA), almost a quarter of the global population, or 1.5 billion people, lives without electricity, 80 percent of them in the least developed countries (LDCs) of South Asia and sub-Saharan Africa. Fatih Birol, IEA Chief Economist said "The time has come to make hard choices needed to combat climate change and enhance global energy security, and at the same time we should not forget 1.5 billion people who have no access to electricity in the developing world".

23 November 2009
Source: Xinhua News Agency

Oil prices would threaten a rebound in the global economy if they rise beyond current levels, the chief economist of the International Energy Agency said on Monday, speaking at the United Nations. "We would like to see oil prices not to go higher than these levels as it is a certain risk to economic recovery," Fatih Birol told.

23 November 2009
Source: Reuters

In an interview with Polish’s Rzeczpospolita daily, Fatih Birol, IEA Chief Economist, said the demand for gas in the European Union may be 8-9 percent lower this year than last due because of the economic crisis. Demand for gas will be falling. This year in the European Union it will be even 8 to 9 percent lower than in the previous one, when we already felt effects of the crisis, Birol stated.

19 November 2009
Source: The Copenhagen Post, Denmark

Presenting the WEO 2009 in Copenaghen, IEA highlights that if the world sets a goal to keep CO2 under 450 ppm it will prevent oil from rising over $147 per barrel again. That kind of guarantee is one that is good for the climate, economies and energy security. Controlling the worlds thirst for oil is in everyones interest, because, no matter what happens, the demand for oil in the coming years is going to increase. As IEA chief economist Fatih Birol put it: "the era of cheap oil is over".

16 November 2009
Source: Financial Times

Reader Q&A with Dr Fatih Birol, IEA chief economist

12 November 2009
Source: Forbes

Experts pick the 7 most powerful people in their fields: When he (Fatih Birol) says things like "the world would need to find the equivalent of four times the crude oil reserves now held by Saudi Arabia to maintain current production plus six Saudi Arabias if it is to keep up with the expected increase in demand between now and 2030," the world takes notice.

11 November 2009
Source: Reuters India

The world faces a surge in energy costs, as well as in planet-warming carbon emissions, unless it can hurriedly agree a climate change deal, the International Energy Agency said yesterday at World Energy Outlook 2009 press conference. IEA’s Chief Economist Fatih Birol told "The world needs to go to the 450 part per million (ppm) target, not only because of climate change but because of growing problems within our energy system and its possible implications again on the economy."

11 November 2009
Source: The Australian

Global crude demand may grow by just 4 million barrels a day from current levels to 89mbd by 2030 if a major agreement to cut greenhouse gas emissions is signed and implemented by nations, the International Energy Agency said in its annual World Energy Outlook publication, released yesterday. Efficiency measures and alternative energy resources developed under a global climate change pact could cap future crude oil prices.

11 November 2009
Source: Die Zeit, Germany

The IEA calls upon industrialised countries to commit to active climate policy. This will cost a lot. But doing nothing will be expensive as well. “Copenhagen must give a signal” says Fatih Birol, chief economist of the International Energy Agency (IEA). “It is essential that OECD countries clearly commit to effective climate policy there, even if a detailed agreement cannot be reached.”

11 November 2009
Source: LExpress, France

Dr. Fatih Birol, the author of the World Energy Outlook, said that the share of spending on energy in GDP for the main consuming countries will double by 2030. Therefore the world needs to strive towards a 450 parts per million CO2-equivalent concentration not only for climate change reasons, but also to prevent the energy system from shocks and their eventual implications on the economy.

11 November 2009
Source: Peoples Daily, China

As one of the consequences of the financial crisis, global energy use is set to fall in 2009, for the first time since 1981, according to the World Energy Outlook 2009, the IEA’s flagship publication launched Tuesday in London. The WEO 2009 said fossil fuels will continue to dominate the energy mix, accounting for more than three-quarters of incremental demand. Non-OECD countries account for over 90 percent of this increase.

11 November 2009
Source: Neue Züricher Zeitung, Switzerland

Global energy demand has decreased because of the economic crisis. But it is going to increase significantly again, if no radical policy measures are taken. The International Energy Agency IEA deems them as extremely urgent because of climate change.

11 November 2009
Source: The Guardian

Rich countries are being urged to sign up to a Make Poverty History-style pledge at the climate change summit at Copenhagen next month to bring electricity to the 1.5 billion people in the world without it. The IEA predicted that without international action by governments, there would still be 1.3 billion people – or 16% of the worlds population – with no access to electricity in their homes or villages by 2030.. The IEAs chief economist, Fatih Birol, told the Energy firms have no incentive to build power plants or connect remote areas to the grid if people are too poor to pay the bills. "Its not likely to happen unless theres a major international concerted effort by rich countries," Birol said. "We will start to push it on to the main agenda at Copenhagen."

11 November 2009
Source: Finfacts Ireland

In its annual World Energy Outlook report released on Tuesday, International Energy Agency also warns that the world’s use of fossil fuels – coal, oil and natural gas – will have to peak by the early 2020s. Fatih Birol, the IEA’s chief economist, argues the world needs a “revolution” in the energy and vehicle industries. “We need a deal in Copenhagen. We need a signal for the energy industry. Without that, nothing will move,” he said.

11 November 2009
Source: Le Figaro, France

The drop in energy investments due to the financial and economic crisis, explains Fatih Birol the Chief Economist of the IEA, is bad news because once the demand for oil surges along with the global economic revival, and if oil production does not keep pace, we risk seeing again volatility in prices and this does not bode well for economic recovery.

11 November 2009
Source: The Times

In its 2009 World Energy Outlook, the IEA said that the surplus in global supplies could hit 200 billion cubic metres per year by 2015. IEA’s Chief Economist Fatih Birol said that the glut was emerging because of slumping global energy demand amid the recession and booming American production of gas from “unconventional sources”, so-called “tight gas” and “shale gas”. New technology that uses hydraulic pressure to blast previously unreachable gas out of rock formations was driving a “silent revolution” in the US energy market, with “far-reaching implications” for the rest of the world. “This is a gamechanger that will put downward pressure on spot prices,” he said.

11 November 2009
Source: The Independent

The worlds energy systems will need an extra $10.5 trillion in investment between now and 2030 to reduce dependence on fossil fuels and avoid "irreparable damage to the planet" the International Energy Agency (IEA) warned during World Energy Outlook 2009 presentation. In the run-up to next months climate summit in Copenhagen, the IEAs annual global outlook outlined parallel forecasts – one based on the current trajectory of global energy consumption, the other a lower-carbon model requiring major international policy co-ordination.

11 November 2009
Source: Reuters, Italy

The world will have to spend an extra $500 billion to cut carbon emissions for each year it delays implementing a major assault on global warming, the International Energy Agency said on Tuesday during the World Energy Outlook 2009 launch.

11 November 2009
Source: China Business News Daily

IEA says China alone will contribute to 1Gt reduction in CO2 in 2020. In its just released World Energy Outlook 2009, IEA projects that between 2007 and 2030, global energy demand will grow at 1.5% per year and increase by 40% which is slower than last year’s projection.

11 November 2009
Source: Xinhua News Agency, China

The International Energy Agency Energy (IEA) urged worldwide energy revolution and called for more funds to tackle the crisis of climate change in its World Energy Outlook 2009 report published on Tuesday. According to the WEO 2009, due to the violent contraction of the global economy following the financial crisis, industrial production is estimated to consume less energy worldwide this year, which will be the first fall since 1981.But the report warns that big demand for energy will come back as soon as the economy rebounds, forecasting a 40 percent increase in energy demand in 2030.

11 November 2009
Source: The Times

The world is facing a bill of $500 billion for every year that it delays in reaching a global deal on climate change, the International Energy Agency (IEA) said Tuesday 10 November at the launch of World energy Outlook 2009, the IEA’s flagship publication. Fatih Birol, chief economist with the IEA, told The Times that the annual cost of inaction — roughly equivalent to the annual GDP of Switzerland — would result from a steady build-up of additional concentrations of greenhouse gases in the atmosphere as the burning of fossil fuels accelerates. “We need to make a major transition,” he said, “But this will only happen if we get a global agreement as soon as possible.”

11 November 2009
Source: Vedomosti, Russia

Because of the crisis the world energy consumption decreases in 2009 – for the first time since 1981, says International Energy Agency in its report “World Energy Outlook”. The oil consumption in 2009 decreases by 2.2% (in 2008 it decreased by 0.8%), energy demand fall by 1.6% (for the first time since the Second World War), and total investment in oil and gas production decreases by around 19% to its level in 2008, which is more than 90 billions euro.

11 November 2009
Source: Kommersant, Russia

CO2 emission growth will lead to the significant concentration of greenhouse gas in atmosphere, which may cause the increase of global temperature by 6 degrees. This may leads to the significant climate changes and irreparable damage of the planet” – alert the IEA experts, proposing the number of actions to reduce the temperature growth to 2 degrees. To avoid the global catastrophe at least before 2030 IEA supposes, that the additional investments to the low carbon energy are necessary - 10.5 trillion dollars, the half of which will cover the transport modernization. Speaking at the U.S. Council on Foreign Relations think tank in New York, Fatih Birol said the targets China set for itself to achieve by 2020 would contribute more than 25 percent of what needed to be done globally to reduce carbon emissions. China will be the champion" of fighting climate change if it can reach the energy consumption targets it has already set, according to the chief economist of International Energy Agency (IEA).

10 November 2009
Source: Bloomberg

The International Energy Agency cut its long-term forecast for global oil demand as the economic crisis saps consumption in developed economies and environmental policies encourage alternative energy use. | Global oil demand is expected to advance 1 percent a year to 105 million barrels a day by 2030 from 85 million barrels a day in 2008, the IEA said today in its annual World Energy Outlook flagship publication. “The global financial crisis and ensuing recession have had a dramatic impact on the outlook for energy markets” the Paris-based agency said in its executive summary of the report. “World energy demand in aggregate has already plunged with the economic contraction.”

10 November 2009
Source: Reuters India

The world would have to spend an extra $500 billion to cut carbon emissions for each year it delayed implementing a deal on global warming, the International Energy Agency said today in London during its annual World Energy Outlook presentation. IEA Chief Economist Fatih Birol said: "The world needs to go to the 450 part per million (ppm) target, not only because of climate change but because of growing problems within our energy system and its possible implications again on the economy.”

10 November 2009
Source: Financial Times

The International Energy Agency warned today at the launch of the agency’s annual flagship World Energy Outlook that the world’s use of fossil fuels will have to peak by 2020 if it is to escape a dangerous spike in global temperatures. Fatih Birol, the IEA’s chief economist, said: “This would be a revolution. This revolution could only take place if there is a financial signal to the energy industry.” He added: “We need a deal in Copenhagen. We need a signal for the energy industry. Without that, nothing will move.”

10 November 2009
Source: The Wall Street Journal

The International Energy Agency said at the World Energy Outlook 2009 press conference launch a new global deal to limit carbon emissions, if reached in coming months, could sharply curtail the growth in oil consumption in the years ahead as alternative energy resources and efficiency measures are tapped. Global crude demand may grow by just roughly 6 million barrels a day from current levels to a total of around 91 million barrels a day by 2030 if a major agreement to cut greenhouse gas emissions is signed and implemented by nations.

10 November 2009
Source: Reuters

A climate change deal is needed not only to address global warming, but also to ensure a shift from increasingly costly fossil fuels that could lead to a doubling of energy bills, the IEAs chief economist said. In the absence of an agreement, the ratio of energy spending to GDP for the largest consumer countries would double by 2030, Fatih Birol, author of the International Energy Agencys World Energy Outlook (WEO) told Reuters in an interview. "The world needs to go to the 450 part per million (ppm) target, not only because of climate change but because of growing problems within our energy system and its possible implications again on the economy," Birol said.

10 November 2009
Source: PulsBiznesu, Poland

The chief economist of the IEA, Dr. Fatih Birol, said that without a new climate change agreement to replace the Kyoto protocol, the average annual import bill of the European Union will more than double by 2030 to reach around $500 billion on average over the period 2008-2030 from around $160 billion on average over the past 30 years.

10 November 2009
Source: Reuters, India

China and India will be responsible for most of the worlds oil demand growth over the next two decades, according to the International Energy Agency (IEA) World Energy Outlook. The report said if government policies stay as they are, Indian oil demand is likely to rise by 3.9 percent every year until 2030, while Chinese demand will rise by 3.5 percent annually over the same period. "India is going to overtake Japan by 2020 as the third largest oil and gas spender." IEA Chief Economist Fatih Birol said.

10 November 2009
Source: Noticias Latino

The IEA stated today that world energy demand will grow by 40% by 2030 and that the climate summit in Copenhagen next month will be a “critical moment” to design a sustainable (energy) future. Nobuo Tanaka, IEA Executive Director quotes “world leaders have a historical opportunity to avoid the worst effects of climate change.”The energy efficiency will be the major contributor to reducing demand. Containing climate change is possible, but it requires a profound transformation of the energy sector”

10 November 2009
Source: Danish Minister for Climate and Energy, Connie Hedegaard

World Energy Outlook 2009 provides clear messages for the climate negotiations in Copenhagen. Limiting the temperature rise below 2 degrees celcius is both doable and affordable. And waiting will impose tremendous costs on our societies. With this report the IEA shows that the solution is within reach. Now it is up to politicians to show they have the will to seize it, says the Danish Minister for Climate and Energy, Connie Hedegaard.

27 October 2009
Source: El Mundo, Spain

Fatih Birol, presenting the WEO 2009 Climate Change Excerpt in Madrid said "We need a revolutionary change in our energy system if we want to avoid a global temperature rise of up to 6 degrees." he added: "The economic recession has provided a golden opportunity for governments negotiating a successor treaty to the Kyoto Protocol at the UN Conference (COP15) in Copenhagen next December".

26 October 2009
Source: Bloomberg

OPEC may increase production targets in December as oil rises above $75 a barrel, the groups president said, as the International Energy Agency warned rising prices threaten the recovering global economy. The Organization of Petroleum Exporting Countries will meet Dec. 22 in Luanda, Angola, to review production quotas that it has left unchanged at three gatherings in 2009. Crude futures have rallied 80 percent this year, trading at around $80 a barrel today in New York. Rising prices harm the economic recovery, according to IEA Chief Economist Fatih Birol. "With the strong rebound of the economy, we will see high prices, especially at this juncture, as a significant risk to the risk to the recovery efforts," Birol said in an interview at a Coaltrans conference in London today.

22 October 2009
Source: Financial Times

Fatih Birol, chief economist of the International Energy Agency, commenting oil prices fresh 2009 high at $82 said that investment cutbacks last year as a result of falling prices could be "bad news" if they were followed by economic recovery in leading oil consuming countries and growing demand for crude. Birol said: "This may well lead to oil price spikes, which in turn may be a major problem for the economic recovery efforts".

21 October 2009
Source: Australian Associated Press

The world will have to find four Saudi Arabias by 2030 if it wants to maintain its oil dependency, the International Energy Agency says. The reality of peak oil is fast approaching, and more must be done to develop and encourage the use of alternatives including solar and nuclear, the agencys chief economist has warned. "My main motto never changes, the era of low oil prices is over," Dr Fatih Birol said. "When the economy recovers, oil prices will recover accordingly. Mid to long term, we will be experiencing high prices."

21 October 2009
Source: Reuters China

Oil, which hit a year-high above $80 a barrel on Wednesday, is costly enough to ensure investment even in the most expensive sources of crude, but the industry still faces big challenges, the IEAs chief economist said. The International Energy Agency has voiced concerns of a possible price spike if insufficient investment is made in bringing on new sources of oil to keep pace with demand. "Oil prices of $78 are high enough for almost every single drop of oil we have in the world to invest, if they were to stay at these levels, if producers were to believe that the prices will stay at these levels," Fatih Birol told Reuters on the sidelines of a U.S.-China clean energy conference.

14 October 2009
Source: The Wall Street Journal

Underinvestment in the oil and gas industry remains a concern and could yet push energy prices much higher once global demand recovers, the International Energy Agencys Chief Economist Fatih Birol said Wednesday. There hasnt been "noteworthy progress" in investment since May, Birol told reporters on the sidelines of an IEA-sponsored meeting of energy officials.

14 October 2009
Source: Reuters India

The International Energy Agency and the U.S. Secretary of Energy warned on Wednesday that the fast rise in oil prices could pose a risk to global economic recovery. Oil futures, boosted by perceptions the economy is recovering, surged to a new 2009 peak above $75 a barrel on Wednesday -- a level IEA Chief Economist Fatih Birol called "unjustifiably high" in an interview with Reuters.

6 October 2009
Source: The Wall Street Journal

An investment of $10 trillion in renewable energy and other carbon-abatement technology will be necessary over the next two decades to limit the rise in the Earths temperature, the International Energy Agency warns in a new report.

6 October 2009
Source: Bloomberg

The global economic crisis has made it easier to halt the increase in greenhouse gases released by power plants, factories and cars through 2020, the International Energy Agency said in a revision of its forecasts from November. "Governments should see that if we dont make use of this very unique window of opportunity, it could cost them much more in the future," Fatih Birol, chief economist at the IEA, said in an interview in Bangkok today. "The later we start, the more costly it will be and the less achievable it will be from an economic and political point of view."

6 October 2009
Source: The Guardian

Man-made greenhouse gas emissions will drop 3% in 2009 largely because of the worldwide financial crisis, the International Energy Agency (IEA) said today. Three-quarters of the reduction has been the result of less industrial activity, with the rest coming from countries turning to renewable energy and nuclear power. The emissions cuts, only the fourth in the last 50 years, provide countries with a unique chance to switch to less carbon-intensive energy sources, said the IEAs chief economist, Fatih Birol.

6 October 2009
Source: BBC News

The global recession provides a window of opportunity to curb climate change and build a low-carbon future, says the International Energy Agency (IEA).It calculates that global greenhouse gas emissions will fall by 3% this year - an increase on previous estimates. If governments take this opportunity to invest in clean technology, the global temperature rise can be kept below the G8 goal of 2C (3.6F), the agency says. The findings were released at UN climate talks in Bangkok.

6 October 2009
Source: Deutsche Press Agentur

The financial crisis could help cut emissions by 3 per cent this year, opening a window of opportunity for world leaders to ink a new climate deal in Copenhagen, the International Energy Agency said Tuesday. “Out of this 1.9 gigatons, about three-fourths was out of the financial crisis, and one-fourth was due to new policies between last and this year some major countries put in place (...)," said Fatih Birol, IEAs chief economist.

6 October 2009
Source: Reuters

Carbon emissions from a group of richer emerging economies including Russia, China and the Middle East must stop growing by 2020 to control global warming, the International Energy Agency said on Tuesday. One consequence of firmer climate action would be less use for fossil fuels including oil, with demand peaking before 2020 as a result of efficiency measures and new access to wind and solar power, the IEA said. That would ease global security of energy supply concerns, said Fatih Birol, IEA chief economist. "In the OCED countries oil imports in 2030 are 7 million barrels per day less," if the world agreed an ambitious climate deal, he said.

6 October 2009
Source: the National

GCC oil exporters yesterday dismissed as untrue a report from the UK that they were negotiating with China, France, Japan and Russia to stop pricing oil in the beleaguered US dollar. "The dollar is the only currency which we can work 24 hours in all five continents," said Fatih Birol, the chief economist of the Paris-based International Energy Agency. "To change from the dollar to anything from one day to another would be very challenging."

1 October 2009
Source: The Economist

The G20 (actually 19 countries plus the European Union and international financial institutions) account for 80% of greenhouse-gas emissions. Most subsidies come from its poor and middle-income members. The International Energy Agency reckons that poor countries, defined as those outside the Paris-based Organisation for Economic Co-operation and Development (OECD), spend $310 billion a year on such subsidies, mainly for petrol. That supposedly helps the poor. But Fatih Birol, the IEA’s chief economist, says that the subsidies mainly benefit middle-income and higher-earning urban types; the rural poor use little fossil fuel.

21 September 2009
Source: Financial Times

Reporting on the forthcoming IEA study on climate change to be published in Bangkok 6 October, an early excerpt of the World Energy Outlook 2009, the newspaper quotes the Agencys Chief Economist Fatih Birol as saying that the financial crisis will lead to a "surprising" and "significant decline" in greenhouse gas emissions this year. "We have a new situation, ith the changes in energy demand and the postponement of many energy investments," he said and added: "But this only has meaning if we can make use of this unique window of opportunity. (That means) a deal in Copenhagen," at the UN climate change conference in December.

21 September 2009
Source: International Herald Tribune

Global carbon emissions are expected to post their biggest drop in more than 40 years this year as the global recession froze economic activity and slashed energy use around the world. The main factor behind this year’s drop in emissions is the slowdown in industrial activity and trade around the world, according to a study due to be released in November by the International Energy Agency.

21 September 2009
Source: Financial Times

Reporting on the forthcoming IEA study on climate change to be published in Bangkok 6 October, an early excerpt of the World Energy Outlook 2009, the newspaper quotes the Agencys Chief Economist Fatih Birol as saying that the financial crisis will lead to a "surprising" and "significant decline" in greenhouse gas emissions this year. "We have a new situation, ith the changes in energy demand and the postponement of many energy investments," he said and added: "But this only has meaning if we can make use of this unique window of opportunity. (That means) a deal in Copenhagen," at the UN climate change conference in December.

25 May 2009
Source: Reuters

21-percent slide in energy investment in 2009As a consequence of the world wide economic crisis, IEA Chief Economist Fatih Birol predicts a significant investment decline in the global energy sector. “Our calculations show that investment in oil and gas exploration in 2009 will drop by 21 percent from 2008, that is by USD 100 billion.” He reiterated that oil prices could surge back to the record high of summer 2008 once the economy recovers and energy demand increases, leading to supply lags as a result of insufficient capacity.

World Economic Forum: Oil industry might face future supply problems

29 January 2009
Source: Dow Jones

World Economic Forum: Oil industry might face future supply problemsConcern is rising at the World Economic Forum in Davos that the oil industry is facing a deeper set of financial ailments and future supply problems. “We are getting ourselves into a serious situation in the oil sector,” said IEA Chief Economist Fatih Birol. “Smaller oil companies have been hit by credit problems and lower prices and we are seeing it now with big companies.” He estimates that around USD 100 billion worth of oil and natural drilling projects have been either delayed or cancelled over the past year.

22 December 2008
Source: Oil and Gas Eurasia, Russia

Countries such as India and China may well fend off recession and continue their growth patterns. If this happens, not only will demand remain at current levels, it may increase according to the IEAs Chief Economist, Fatih Birol. "If those countries continue to consume oil as much as over the last couple of years they may easily make up losses coming from OECD countries," Birol told Reuters in an interview on the sidelines of the World Eocomic Forum.

20 December 2008
Source: China View, China

According to the 2008 World Energy Outlook, a variety of factors have contributed to price increases since 2003, including strong demand growth, no increase in OPEC member production between 2005 and 2007, rising costs for exploration and development, and a weaker U.S. dollar.

10 December 2008
Source: Asia Times, Hong Kong

Now, just as the world economy slows and oil drops below US$50 a barrel, the IEA has released the most important report in its three-decade history, World Energy Outlook 2008. This report does something both very important and most amazingly unprecedented. It takes an extensive inventory of global oil supplies.

10 December 2008
Source: The Malaysian Insider, Malaysia

In the 2008 report the IEA suggests for the first time that world petroleum supplies might hit the buffers. "Although global oil production in total is not expected to peak before 2030, production of conventional oil is projected to level off towards the end of the projection period."

8 December 2008
Source: Finfacts, Ireland

The International Energy Agency (IEA) - the energy adviser to 28 developed countries including Ireland - said today at the climate change talks in Poland that the global economic slowdown must be viewed as an opportunity, not a distraction from efforts to mitigate climate change. "By adopting new energy efficiency measures, constructing green energy infrastructure and taking steps to integrate cleaner energy into the power grids, governments can lock in sustainable technologies and reduce CO2 emissions by almost 40% relative to the projected baseline emissions for 2030." According to the IEA publication World Energy Outlook 2008 (WEO)

4 December 2008
Source: China Business News Daily

IEAs Chief Economist Dr Fatih Birol warns that there is a risk that financing difficulties could affect many of the projects that are currently on the drawing board. As a result we may be setting ourselves up for supply crunch once the economy is back on its feet.

2 December 2008
Source: Energy Tribune

On November 12, the I.E.A. released its World Energy Outlook, and the second page of the agencys briefing slides show that coal is gaining - not losing - market share. Between 2000 and 2007, global coal use increased by 4.8 percent. Thats three times the growth rate seen in oil consumption (which grew by 1.6 percent) and nearly twice the rate in natural gas use (which climbed by 2.6 percent.)

26 November 2008
Source: This Day, Nigeria

Nigeria and Angola will be the highest earning oil-producing countries in a pack of 10 within the sub-saharan African region between 2006 and 2030, says the International Energy Agency (IEA). In a report entitled "World Energy Outlook 2008", presented at the Center for Strategic Studies (CSIS) in Washington, D.C. by the organisations Chief Economist, Dr Faith Birol, Nigeria and Angola will account for 86 per cent of the $4.1 trillion cumulative revenues of all 10 countries over 2006-2030.

25 November 2008
Source: Forbes.com

Second, the International Energy Agency released its ever-popular annual World Energy Outlook. Using a modest 1.6% annual energy demand assumption through 2030, the world will need 45% more energy. Assuming some conservation, new energy alternatives and a mere $26 trillion in capital investments, daily oil production would need to rise 25%. This is the equivalent of four Saudi Arabias going into production between now and 2030.

21 November 2008
Source: Arab News, Saudi Arabia

In its recently released World Energy Outlook, the OECD energy watchdog IEA underlines that more than a trillion dollars in annual investments is needed to find new fossil fuels over the next two decades to avoid the impending energy crisis that could easily choke the global economy.

19 November 2008
Source: Reuters

Like a hamster trapped on a wheel, the International Energy Agency (IEA)s 2008 World Energy Outlook (WEO) paints a depressing picture of an oil industry having to run faster and faster just to keep pace with burgeoning oil demand over the next 20 years. WEO2008 estimates the industry will need to find 64 million barrels per day (bpd) of new oil production capacity to meet the expected growth in demand by 21 million bpd by 2030 and offset 43 million bpd of expected declines from existing fields. The total cost is put at around $5 trillion at todays prices.

19 November 2008
Source: China Daily

Chinas oil imports will account for almost 75 percent of its total oil consumption by 2030, according to the International Energy Agency (IEA). The Paris-based adviser to 28 oil-consuming nations also predicted that primary world energy demand would grow by 1.6 percent annually between 2006 and 2030 with a total increase of 45 percent. China and India are expected to account for over half of incremental energy demand by 2030.

19 November 2008
Source: Khaleej Times, United Arab Emirates

The Paris-based energy adviser to the 30 industrialised countries of the OECD, the International Energy Agency, cut its demand forecast for the third month in a row and is basically saying there will be very little if any growth in oil demand for 2009. This is not entirely surprising since the OECD itself is forecasting a slight contraction for its 30 members next year. This is a big change from their June forecast of 1.7 per cent growth.

19 November 2008
Source: The Economic Times, India

According to a China Daily report, China and India are expected to account for over half of incremental energy demand by 2030, the IEA says, adding that China will account for almost 75 per cent of global total oil consumption. The Paris-based adviser to 28 oil-consuming nations also predicted that primary world energy demand would grow by 1.6 per cent annually between 2006 and 2030 with a total increase of 45 per cent.

18 November 2008
Source: Dowjones Business News

Speaking at a conference in Oslo, the IEAs Fatih Birol said expectations the Organization of Petroleum Exporting Countries will produce an ever increasing share of global oil makes "every drop of oil we can get from Norway very, very important," in retaining a diverse energy mix. Birol said the IEAs analysis of the worlds 800 largest fields, representing two third of both existing reserves and current production, didnt give "a very optimistic message." "Non conventional oil will increase, mainly from Canada. But non-OPEC production is in difficulty. The share of OPEC production will in future be a bigger share of the total," Birol added. Strong growth in world demand coupled with a sharp decline in existing fields are the two factors will underpin a need for more oil by 2030 than today, Birol said. Output needs to rise by 64 million barrels a day by 2030 to meet demand growth and offset decline, he said. Thats equivalent to six times Saudi Arabias capacity, or 27 times Norways.

18 November 2008
Source: CCTV

The International Energy Agency warned in its last report that the current investment decline in the energy sector as a result of the global credit squeeze could push oil prices to a new high in the long run. And that could further slow the eventual economic recovery. Affected by weakening demand, international oil prices plunged from a record 147 US dollars in July to 55 US dollars on Monday. But the IEA says the slump wont last long. In its latest report on the World Energy Outlook, the IEA predicts oil prices could rebound and top 200 US dollars a barrel by 2030 as supplies grow tight again when world energy demand picks back up.

18 November 2008
Source: The Guardian

The International Energy Agency (IEA) said on Tuesday that carbon capture and storage should be part of any global deal to curb emissions of heat-trapping carbon dioxide beyond 2012. IEA chief economist Fatih Birol said carbon capture and storage should fall under Clean Development Mechanism (CDM) rules, which provides emission credits to the developed world for bringing cleaner technology to poorer countries. "We will definitely push for carbon capture and storage to be accepted within the CDM mechanism -- that will be our main message in Poznan," he told Reuters, referring to Polish city which will host U.N. sponsored climate talks on Dec. 1-12.

18 November 2008
Source: CNN

The International Energy Agency has called for a global energy revolution to ensure future supplies and to stem the rise of greenhouse gas emissions. In its annual report -- 2008 World Energy Outlook (WEO) -- published last week, the agency describes the worlds energy system as being "at a crossroads" and calls for traditional supply and consumption methods to be overhauled.

18 November 2008
Source: AGI Energia

Per realizzarli, bisogna attuare una rivoluzione energetica. Questa edizione del World Energy Outlook mostra come si possa ottenere questo risultato attraverso misure politiche incisive, ne indica i costi e descrive inoltre le conseguenze di un eventuale fallimento delle stesse.

17 November 2008
Source: The Age

When the worlds environment ministers gather in the Polish city of Poznan next month to discuss the new global climate deal, the Federal Government will announce its long-awaited short-term targets for reducing greenhouse emissions. This will give the world an opportunity to assess the scope of Australias climate change credentials and ambition. The latest World Energy Outlook from the conservative International Energy Agency underlines the fundamental choice before the Government: introduce strong targets and policies to help stimulate multitrillion-dollar investments in creating a clean energy system or, in the words of the energy agency, face "catastrophic and irreversible damage to the global climate".

15 November 2008
Source: Time Magazine

But the respite could be brief, according to the International Energy Agencys analysts. The Paris-based organizations annual World Energy Outlook, released on Wednesday, predicts that oil prices will start a steep climb soon, and by 2030 will settle around $120 a barrel - more than double this weeks price - as producers face rocketing costs of equipment such as drills and rigs, and are forced into the increasingly expensive business of extracting oil from less accessible fields, many of them far out at sea.

14 November 2008
Source: Arab News

When Fatih Birol announced that he and his team, while compiling their much awaited annual analysis of the energy world - The World Energy Outlook - would also undertake field by field analysis of the historical production trends of 800 major oil producing fields of the world - on which the world is dependent for its energy supplies - every one was taken by surprise.

14 November 2008
Source: Bloomberg

The International Energy Agency warned that slower investment in new oil projects by OPEC member countries in the aftermath of the global economic slowdown may cause an energy-supply crunch in the next two decades. "Many projects will be delayed because of the economic crisis," Nobuo Tanaka, Executive Director of the Paris-based adviser to 28 nations, said today in an interview with Bloomberg News in Tokyo. "The biggest concern I have is that there may be a supply disruption in the years ahead when the global economy and oil demand recover."

14 November 2008
Source: Livemint.com, India

The view that the era of cheap oil is over is well endorsed. The just released World Energy Outlook 2008 by the International Energy Agency has called for a global low carbon and renewable energy revolution in spite of the financial crisis.

13 November 2008
Source: The Times

Long-term global temperatures are on course to rise by 6C (43F) unless radical changes are adopted in the way that the world produces energy, the International Energy Agency (IAE) said yesterday. In its 2008 World Energy Outlook, the IEA said that if present trends continued, greenhouse gas emissions from the burning of coal, oil and gas would be driven up inexorably, putting the world on track for a doubling in atmospheric carbon dioxide levels by the end of the century.

13 November 2008
Source: ABC News

The International Energy Agency (IEA) has warned that massive investments are needed in the oil industry and alternative power sources if the world is to avoid a shortage of fuel. In its outlook for 2008, the agency predicts that demand from India and China will cause the price of oil to reach $US200 a barrel by 2030. The agencys chief economist, Dr Fatih Birol, has told ABC Radios AM program that even though prices have fallen recently the era of cheap oil is over. "Once the economy recovers and the demand bounces back, we think about 2010, 2011, we may be caught by surprise and this will be a nasty surprise, which would mean that we can see prices which may be even higher than what we have seen last summer," he said.

13 November 2008
Source: The Economist

The world will use more renewable sources to produce electricity.

13 November 2008
Source: The Wall Street Journal

Production at the worlds oil fields will decline faster in coming years, putting more pressure on future oil supplies, the International Energy Agency said on Wednesday. As current fields fade with age and the industry moves offshore and into smaller fields, decline rates will accelerate, the agency found, and more investment will be required to make up the shortfall.

13 November 2008
Source: Caijing Magazine, China

International Energy Agency (IEA)s 2008 World Energy Outlook (WEO) said the era of cheap oil is over. The ever worsening financial crisis could possibly bring economic recession which reduces oil demand and leads to falling prices. Henceforth, the energy price in the next two years will experience great volatility, however, considering the fundamental factors, the era of cheap oil is over.

13 November 2008
Source: Xinhua News Agency, China

International Energy Agency (IEA)s 2008 World Energy Outlook (WEO) said the world is facing with twin energy challenges. The future of human prosperity depends on how successfully we tackle the two central energy challenges facing us today: securing the supply of reliable and affordable energy; and effecting a rapid transformation to a low-carbon, efficient and environmentally benign system of energy supply. The report mentions that the world needs an energy revolution.

12 November 2008
Source: The Times

Fresh sources of oil equivalent to the output of four Saudi Arabias will have to be found simply to maintain present levels of supply by 2030, one of the worlds leading energy experts has said. Fatih Birol, chief economist of the International Energy Agency (IEA), the developed worlds energy watchdog, told The Times that the depletion of existing oilfields meant that vast new investments would be required to satisfy the demand for oil.

12 November 2008
Source: The Guardian

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 energy watchdog is warning for the first time that oil output could pass its peak as power shifts from "super-majors" to national companies controlled by producer states. It highlights a potential oil-supply crunch.

12 November 2008
Source: Reuters

The world will have to bet on extreme measures to avoid serious global warming, the International Energy Agency said on Wednesday, adding to growing worries that governments have under-estimated the problem. The world will have to suck greenhouse gases out of the atmosphere because it was too late to rely on gradual curbs in heat-trapping greenhouse gas emissions, it said.

12 November 2008
Source: Associated Press

The International Energy Agency on Wednesday called for massive investment in producing more oil to prevent a supply squeeze in coming years, saying energy demand will rise 1.6 percent a year on average between 2006 and 2030. The IEAs base scenario for energy demand has fallen due to the global economic slowdown and higher oil prices, but the agency stressed that a delay in spending on new projects due to the credit crisis could lead to a "supply crunch that could choke economic recovery."

12 November 2008
Source: AFP

The International Energy Agency warned that dwindling crude reserves were pivotal to prices. "The key determinant in the years to come is the oilfield decline more than demand," IEA chief economist Fatih Birol told a news conference in London at which he unveiled the agencys latest World Energy Outlook report.

12 November 2008
Source: The Guardian

While market imbalances will feed volatility, the era of cheap oil is over, warned Nobuo Tanaka, executive director of the IEA. The IEA also called for a "major de-carbonisation" of global fuel sources, insisting the financial turmoil was not an excuse for ignoring environmental considerations. "The need to address climate change will require a massive switch to high-efficiency, low-carbon energy technologies," it said.

12 November 2008
Source: Reuters, South Africa

Energy exports from sub-Saharan Africa will rise significantly as the region opts to maximise foreign currency earnings rather than attend to domestic fuel needs, the International Energy Agency said on Wednesday.

12 November 2008
Source: Tehran Times, Iran

The world must find an extra 64 million barrels a day of oil production by 2030, equivalent to replacing Kuwait’s output every year, to meet demand growth and counter the decline of existing fields, the International Energy Agency said.

22 January 2008
Source: Reuters

Fatih Birol, IEA Chief Economist, underscored the importance of developing Turkmen gas reserves but warned “if they have investment, they shouldn’t change the conditions or allow for double standards”.

22 January 2008
Source: Reuters

Fatih Birol, IEA Chief Economist, underscored the importance of developing Turkmen gas reserves but warned “if they have investment, they shouldn’t change the conditions or allow for double standards”.

9 December 2007
Source: New York Times

Noting high growth in demand among oil exporting countries, IEA Chief Economist Fatih Birol rated consumption growth among oil exporters as a serious threat to meeting the world’s oil needs and said “it’s a big problem, and growing all the time.”

1 December 2007
Source: iht.com

If China imposed western-level efficiency standards for those air conditioners and refrigerators, "China would save electricity on a yearly basis from 2015 which is equivalent to building the Three Gorges dam," said Dr Fatih Birol in Bali at the UN global warming summit.

21 November 2007
Source: Xinhua News Agency

Fatih Birol, chief economist of the IEA, said at a press conference in Vienna, he believed that the current output in the oil producing countries was insufficient and could not meet the demand of the international oil market. At the same time, he urged the consuming countries to take effective measures to restrain oil consumption.

13 November 2007
Source: Financial Times

“The increase in China’s energy demand between 2002 and 2005 was equivalent to Japan’s current annual energy use.” This nugget of information, buried in the International Energy Agency’s latest World Energy Outlook, tells one almost all one needs to know about what is happening to the world’s energy economy.see more

12 November 2007
Source: The Times of India

India is set to become the worlds third largest oil importer after the US and China before 2025, according to the International Energy Agency (IEA). While Indias importance as an exporter of refined oil products would increase on the back of planned investments in this space, the energy needs would propel India to overtake Japan as the third largest net importer of oil before 2025. India is ranked fourth in terms of oil imports. According to the World Energy Outlook 2007 report published by IEA, rapid economic development in China and India would push up the global energy demand. see more

10 November 2007
Source: China Daily

The International Energy Agency (IEA) praised China on Friday for its efforts to address the causes and consequences of energy use, but warned the country of challenges in meeting rising energy demand. "The ongoing efforts of the Chinese government in energy conservation and emission control have set a good example for other countries," said Nobuo Tanaka, executive director of the IEA, while releasing its World Energy Outlook 2007.see more

9 November 2007
Source: The New York Times

In unusually urgent tones, the International Energy Agency, which provides policy advice to industrial nations, urged advanced economies to work with China and India to cut overall growth in energy consumption. “There is a need for an electroshock,” said Fatih Birol, the agency’s chief economist and the lead author of its flagship publication, The World Energy Outlook. “We have to act immediately and boldly.”see more

8 November 2007
Source: The Wall Street Journal

The International Energy Agency painted a tough energy outlook for coming years, with tightening oil supplies and a surge in global-warming emissions as China and India burn more coal to power their booming economies. The IEAs annual World Energy Outlook also details a continued surge in oil demand that could result in a serious supply crunch around 2015. The agency portrays a world that by 2030 will be consuming 55% more energy than it is now, with almost half of the growth because of soaring demand in China and India.see more…

8 November 2007
Source: International Herald Tribune

The International Energy Agency urged oil producing countries Wednesday to replenish crude oil inventories in light of high oil prices. At current prices, the market is signalling that stocks need to be higher, something that is in the power of producers to address," Nobuo Tanaka, executive director of the organization. In unusually urgent tones, the International Energy Agency warned that demand for oil imports by China and India would almost quadruple by 2030 and could create a supply "crunch" as soon as 2015 if oil producers did not step up production, energy efficiency failed to improve and demand from China and India was not dampened.see more

8 November 2007
Source: Le Monde

Par ailleurs, les principales conclusions du World Energy Outlook 2007, le rapport annuel de lAgence Internatioanle de lénergie, rendu public mercredi 7 à Londres, sont inquiétantes. La croissance économique de la Chine et de lInde - gourmandes en pétrole et en charbon - transforme le système énergetique mondial.

7 November 2007
Source: Financial Times

Prominently covering the new World Energy Outlook 2007 – China and India Insights, the newspaper focuses on the IEA warning over surging energy demand, a possible threat to supplies and rising CO2 emissions, and quotes Chief Economist Fatih Birol as urging for action to avert those threats: “We want more action instead of more targets, more meetings and more talks (..) right away, and in a bold manner”. The IEA is calling for a radical change in policies, greater investment in nuclear power and renewables, and a drive to improve energy efficiency.

28 June 2007
Source: Reuters

Resource nationalism could be damaging for future oil production in countries lacking capital and in need of foreign investment, said Fatih Birol, IEA chief economist. "In general, one can say that resource nationalism could well have negative implications in the countries where you dont have major domestic capital formation", he told on the sidelines of a conference in Istanbul.

21 June 2007
Source: Los Angeles Times

Responding to the question if China has already surpassed the US as the worlds largest producer of greenhouse gases, Fatih Birol, IEA chief economist, said: "It is either this year, or it was 2006, or it will be 2008." He stressed that what is important is the way China and the richer countries of the industrialized world respond to the changing situation. Neither the United States nor China have ratified the 1997 Kyoto Protocol setting limits on greenhouse gas emissions.

6 June 2007
Source: Reuters

Fatih Birol, chief economist of the IEA, spoke about the rich countries meeting in Germany this week, and expressed his opinion on the need for these countries to confront climate change. He said "definitely therell be tradeoffs between climate change and the local environment, and with energy security", adding that we are not in the luxury of being able to choose from hundreds of energy types.

18 April 2007
Source: Dow Jones

Fatih Birol, IEA Chief Economist, said that the IEA had major concerns about gas supplies being very concentrated in three nations; Russia, Iran and Qatar. Russia had moved "in the opposite direction" on its promises to open up its gas markets. "Its not good news for Russias clients", said Birol. He also mentioned that the country was not investing enough in energy projects.

30 January 2007
Source: Xinhua News Agency, China

The IEAs chief economist, Fatih Birol, said that "coal will remain the main source of power at least for the next two decades", and added in his talk to the coal industry conference in Davos, that pressure from the environmental sector will necessitate the coal industry to respond accordingly in order to face this increasing challenge.

8 December 2006
Source: Dow Jones

IEA Chief Economist,Fatih Birol is commenting on possible moves by several big energy-producing nations such as Saudi-Arabia, Nigeria and Algeria toward building nuclear power plants. He said that, given the strong energy demand, there was "a point to them diversifying their energy mix". Birol added that "nuclear can be an option", but only if it is done "in line with international rules".

8 November 2006
Source: The Independent

Reporting on the launch of the World Energy Outlook in London, the newspaper quotes the IEAs chief economist Fatih Birol as saying that every $1 spent on more efficient electrical equipment and appliances would result in savings of $2.20 that would otherwise need to be invested in power plants and networks: "The cleanest power plant is the one you dont need to build", Birol said.

8 November 2006
Source: Finanz und Wirtschaft

Dr. Fatih Birol the chief author of the World Energy Outlook Energy says that the world faces a dirty, vulnerable and expensive energy future. Similar to the Stern report the message from the WEO is that the time to act is now, and the WEO can offer a recipe for what needs to be done.

4 November 2006
Source: Turkish Daily News

Dr. Fatih Birol the chief economist of the IEA said that countries are becoming more open to nuclear power due to costly natural gas and the need to combat greenhouse gas emissions. Theres a change in the mood in general terms regarding nuclear.

3 November 2006
Source: The Australian

IEA chief economist Fatih Birol said: "We need a decision almost tomorrow if we are going to act before we reach a point of no return in climate and security of supply." Nuclear power is an essential tool for meeting security of supply and climate change challenges.

2 November 2006
Source: Reuters

Dr. Fatih Birol said that we have to act now if we want to see a different world in 25 years. Nuclear power is important in the context of security of gas supply and climate change challenges. There is a change in opinion regarding the future of nuclear power.

8 January 2006
Source: Reuters

On 8 January, Reuters reported on the energy challenges resulting from rising carbon emissions from increased energy use -- especially fossil fuels in the power sector -- and quoted IEA Chief Economist Fatih Birol, who said "The next 10 years are very, very crucial. Only in China between now and 2015 the capacity they will build in the power sector will be equal to the existing capacity in the European Union-25."

Al Arabiya

18 May 2012
Source: Al Arabiya

"There is only one country that can significantly increase output today, and that is Iraq,” Fatih Birol, chief economist at the International Energy Agency, told the 2012 Reuters Global Energy & Environment Summit this week. […] “If there is no good news from Iraq, it’s bad news for the global oil outlook."