Newport Business News » International Energy Agency

2011 Global Oil Demand Will Exceed Forecasts

admin — Tue, 18 Jan 2011 09:41:21 +0000

According to the International Energy Agency its forecasts for global oil demand in 2011 are not accurate. It admitted that it had to make slight alterations to its past predictions in order to guarantee accuracy of the numbers. One of the causes for the faulty forecast is the unexpected global economic growth. Solely emerging markets will drive the increase in demand while at the same time the OECD demand is expected to return to its “underlying, structural decline in 2011.”

IEA’s monthly report showed that is anticipates global oil demand to increase by 1.4 million barrels a day, reaching 89.1 million barrels a day in 2011. This rise equals a 1.6% or a 360,00 barrels increase from IEA’s report in the previous year. Next to IEA also OPEC, the Organization of Petroleum Exporting Countries, shows signs of the rising demand in oil as it gained 250,000 barrels a day in order to reach 29.58 million barrels a day in December.

China’s excessive energy consumption

admin — Mon, 29 Nov 2010 17:01:31 +0000

“They are building massive amounts of infrastructure,” said Lynn Price, a scientist in the China Energy Group at Lawrence Berkeley National Laboratory, a U.S. Department of Energy research lab. “It takes incredible amounts of these energy-intensive commodities.” China’s growth in infrastructure is booming. Over the next 15 years it is going to build and rebuild New York City ten times.

This plan is one of the consequences of a growing population and shows the effects of a population that is four times larger than the United States even though its economy is only a third the size. At the beginning of the year the International Energy Agency said China surpassed the US in the world’s largest consumer of energy. The surge to build more and higher needs to have equipment as well, which is shown by recent investments in Caterpillar. These investments in machinery are presented by sales in Caterpillar’s Asia/Pacific region as it surged 81% from a year ago in the third quarter to $1.8 billion.

How to save $300 billion with Fossil-Fuel Subsidies

admin — Sat, 13 Nov 2010 16:51:37 +0000

Fossil-fuel subsidies have united economists and environmentalists as they are struggling to create universal and uniform measures about these subsidies’ efficiency. They report only superficially and make up their own standards to measure themselves by. Furthermore none of these countries are coming out with a subsidy-cutting policy. In comparison to the countries themselves the World Energy Outlook of the International Energy Agency (IEA), which collects and stores annual data and analysis, offers an objective scale of subsidies for fossil-fuel consumers.

According to the report for 2010, IEA puts the global total subsidies at $312 billion a year. It estimates a worldwide 5% energy demand reduction that would follow on an elimination of these subsidies, making it equal to the current energy consumption of Japan, Korea and New Zealand combined. Efforts that decrease energy demand and usage in order to build a safer, cleaner, and more sustainable world are also done on the small scale by the company Energy Education Inc. with programs that target a change in human energy consumption.