IEA: Oil demand to rise 14% by 2035



ARAB NEWS

Published — Tuesday 13 November 2012

Last update 13 November 2012 7:40 am

| نسخة PDF Print News | A A

PARIS: The global thirst for oil will grow in the next two decades driven by demand from emerging nations and the rise of the US as the top producer, the International Energy Agency said yesterday.
Oil demand will increase by 14 percent between now and 2035 to reach 99.7 million barrels a day, the OECD-linked energy watchdog said in its annual assessment of the energy markets of tomorrow.
This was 700,000 bpd more than the IEA forecast a year ago and signals that the world is still figuring out how to put the global energy system on a more sustainable path, the IEA said.
Oil prices will rise too, it said, reaching $125 barrels by 2035 ($215 in nominal terms), from about $107 this year, and instead of the $120 forecast earlier. “Growth in oil consumption in emerging economies, particularly for transport in China, India and the Middle East, more than outweighs reduced demand in the OECD, pushing oil use steadily higher...,” the IEA said.
The US energy market is going through radical upheaval sparked by the development of new technologies, especially the extraction of shale gas through a controversial process called “fracking” that has been limited or banned in other countries. Natural gas demand worldwide will grow in any scenario, though the outlook varies per region, the IEA said.

What's happening around Saudi Arabia

SYDNEY: Amnesty International has demanded that Mustafa Al-Hosawi, a Saudi prisoner at Guantanamo Bay in Cuba, be treated for the torture he underwent at the hands of the CIA.The US branch of the organization sent a message to health officials at the...
JEDDAH: The city’s airport staff saved a 20-year-old woman who tried to throw herself from the upper floor to the mezzanine floor in the southern hall. Sources said the suicide attempt was due to family disputes. Administrators said a supervisor in t...
RIYADH: Education Minister Ahmad Al-Issa has ordered to gradually close down private night schools beginning from the current year. The closure of these schools will be complete by 1439H.Al-Issa’s decision is based on reports of a body, which highlig...
Jeddah: The Criminal Court in Jeddah has sentenced a man to nine months in jail for beating his wife and insulting her by calling her “stubborn and ignorant.” The man has also been required to make a written pledge not to go near his wife, while the...
MUNICH: Saudi Arabia’s foreign minister defended his country’s treatment of women on Friday, saying it had made progress on female education but would take time to let them drive cars.“When it comes to issues like women’s driving, this is not a relig...
RIYADH: A cross-section of Saudi society on Friday denounced the Jazan massacre that shook the nation on Thursday, when a gunman went on the rampage killing seven education officials and injuring several others in Al-Dair governorate.The culprit, ide...
JEDDAH: Maj. Gen. Awad Al-Balawi, head of the Saudi Border Guard, recently confirmed the expansion of the employment program for women within the border security sector. He said that the sector is entering a new phase as women will be employed in a n...
RIYADH: A medical team of the King Abdullah Specialist Children’s Hospital (KASCH) at the King Abdulaziz Medical City (National Guard) here have successfully conducted the first liver transplant on a baby boy. Fahad Mari Said Al-Sairdh, father of the...
JEDDAH: The Makkah Investigation and Prosecution Board reintroduced the crane crash incident to the Riyadh Investigation and Prosecution Board recently, adding 10 more employees and supervisors from different government agencies before the courts. Th...
JEDDAH: The teacher who gunned down seven education officials in Al-Dair governorate on Thursday had been showing behavioral problems in recent days, Al-Janob Misfer Al-Subhan, director of King Faisal Secondary School in Dharan, was quoted as saying...
JEDDAH: The Human Rights Commission (HRC) is investigating the Nakheel Mall case, in which a girl was beaten up by a group of Haia members, an official of the commission has said. “The HRC is supposed to guarantee the rights of those harmed, whoever...
AL-AHSA: King Faisal University (KFU) in Al-Ahsa is currently studying the possibility of admitting female students to specialize in veterinary medicine, the director of the university, Dr. Abdulaziz Al-Saati, confirmed. He said the matter has been p...
JEDDAH: A fingerprinting campaign, titled “Imprint Homeland,” against extremism and terrorism, was launched at the Jeddah corniche on Thursday night. The drive will cover all the 17 regions of Makkah province.The campaign, initiated by the Makkah gov...
RIYADH: The number of unemployed Saudi nationals reached 647,000 by the end of last year, of whom 56 percent, or 363,800, hold bachelor’s degrees or licenses. Female bachelor’s degree and license holders accounted for three-fourths of unemployed Saud...
RIYADH: Four citizens have been arrested in two murder cases, one of which was a road rage. One of the suspects resisted arrest and even opened fire on the police, but no one was injured.According to the Riyadh police, a clinic informed them that it...

Stay Connected

Facebook