Financial Daily from THE HINDU group of publications
Tuesday, Apr 25, 2006
Financial Daily from THE HINDU group of publications Tuesday, Apr 25, 2006 |
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Industry & Economy
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Petroleum `Need for investment, energy efficiency' Our Bureau
Mumbai , April 24 Supply-related uncertainties following under-investment in the oil sector for a prolonged period of time are likely to take years to resolve, and in the meanwhile, major investments together with energy efficient improvements are needed along the entire energy chain to overcome the challenge facing the energy markets, according to Mr Claude Mandil, Executive Director of International Energy Agency. Current oil price levels reflect not only geopolitics but also bottlenecks in upstream and downstream capacities, and pose a risk to global economic growth, he asserted. If current policies remain in place, global energy demand will grow by 25 per cent by 2015, and by that time oil demand will reach 99.5 million barrels a day. The rapid growth will be driven by demand in developing countries. While oil will remain dominant as the single largest fuel in the global primary energy-mix, natural gas demand will increase even more rapidly. As oil and gas production shifts away from developed (OECD) countries, supplies will increasingly come from major producers in West Asia and Russia, Mr Mandil said. For the consumer countries, in the short-term the best option would be to improve energy efficiency and increase the diversity of the energy mix in a cost-efficient way.
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