IEA sees fossil fuel future

Looking into the crystal ball: the IEA

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By Steve Marshall

 09 November 2011 12:04 GMT

The world is headed on an “unsustainable” path with continued reliance on fossil fuels over the next two decades, with the oil price set to hit $120 per barrel by 2035 and gas playing a greater role in the energy mix, the International Energy Agency (IEA) has predicted.

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…

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