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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