‘Energy demand will double’

Paris, November 8:

The global demand for energy will soar by more than 50 per cent by 2030, amounting to 16.3 billion tonnes of oil, the International Energy Agency (IEA) has said in its 2005 World Energy Outlook.

By 2030, the global demand for oil and coal will increase by 1.4 per cent every year, while the annual demand for natural gas will grow by 2.1 per cent.

“If the energy output does not largely increase by that time, the price of energy will rise sharply,” estimated the IEA. There are adequate oil and natural gas reserves to meet such a demand in the world, especially in North Africa and the Middle East. However, some new investments of $20 trillion will be urgently needed to transfer the energy supply to the consumer market, the IEA said.

Under the IEA’s reference scenario, along with the increasing output of oil, the international oil price will decrease to $35 a barrel by 2010.