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World Energy Outlook 2012

Mr. Greenbacks

The International Energy Agency released their 2012 version of World Energy Outlook today and it featured some interesting highlights.  Here are some of the points that peaked my interest:

  • In 2011, fossil fuel subsidies grew 30% to $523 billion while renewable energy received just $88 billion.

Fossil fuels according to the New Policies Scenario:

  • The US will become the largest oil producer by 2017, a net exporter of natural gas by 2020, and will be almost energy-self-sufficient (in net terms) by 2035.
  • Global oil demand increases by 7mb/d to 99mb/d in 2035 at which time price reach $125/ barrel (real terms) = (over $215/ barrel nominal terms).
  • The gas boom in North America will reverse the direction of the international oil trade, with almost 90% of Middle Eastern exports destined for Asia. 
  • Natural gas demand increase by 50% in 2035, with most of the production coming from the US, Australia…

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SMIPP Ltd is a DG Independent Power Plant Private Joint Stock Company. 25-60 MW Gas Turbines Power Generators

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