http://www.marketwatch.com/story/iea-sees-global-energy-use-resuming-upward-trend-2009-11-10
market pulse
Nov. 10, 2009, 5:13 a.m. EST ·
IEA sees global energy use resuming upward trend
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By Polya Lesova
FRANKFURT (MarketWatch) -- Global energy use is set to fall this year, but it will soon resume its upward trend if government policies don't change, the Paris-based International Energy Agency said in its World Energy Outlook released on Tuesday. In the IEA's reference scenario, demand is projected to rise by 40% between now and 2030, reaching 16.8 billion tons of oil equivalent. While oil demand has dropped sharply, in the reference scenario it starts recovering in 2010, reaching 88 million barrels a day in 2015 and then 105 million barrels a day in 2030. Higher oil prices, coupled with the downturn in oil sector investment, are "a serious threat to the world economy, just as it is beginning to recover," the IEA said. As a result of the financial crisis, investment in upstream oil and gas has already been cut by over $90 billion this year compared with 2008. Southeast Asia's energy demand is projected to expand by 76% in 2007-2030.
