ID :
30124
Fri, 11/14/2008 - 09:26
Auther :
Shortlink :
https://oananews.org//node/30124
The shortlink copeid
IEA's Tanaka warns development delays will spell $200 oil prices
LONDON, Nov. 13 Kyodo - Delays in the development of new oil fields may spark a supply crunch and drive up oil prices above $200 per barrel, International Energy Agency Executive Director Nobuo Tanaka warned in a recent interview.
In the World Energy Outlook 2008 released on Wednesday, the Paris-based agency
projected that crude oil import prices are likely to top $200 per barrel by
2030 on the back of booming demand in emerging economies like China and India.
''The IEA forecast is a warning scenario,'' Tanaka said in an interview with
Kyodo News.
Crude oil futures in New York surged to an all-time high at $147 per barrel in
July and have since dropped to around the $60-level due to the global economic
downturn.
But Tanaka said the price surge in recent years was caused by neglected global
efforts to explore new oil fields during the 1990s from fears that a boost in
supplies would send oil prices lower.
''If we postpone the development of oil fields, there is a risk of inviting
another supply crunch,'' Tanaka said.
The former Japanese director at the Organization for Economic Cooperation and
Development also called for the construction of more power plants using
energy-efficient technology to meet strong demand in high-growth countries.
In the annual report, the IEA said China and India will account for 51 percent
of the increase in global primary energy demand between 2006 and 2030.
Tanaka said Japan will also need to use more renewable energy like geothermal
heat and wind power for a stable supply of energy.
While crude oil prices have drifted lower recently, Tanaka said the level is
still historically high and indirectly urged the Organization of Petroleum
Exporting Countries not to slash output amid growing speculation that the
13-member cartel will again reduce oil production to lift prices.
''I am worried about supply when the global economy recovers,'' Tanaka said.
''I hope OPEC will respond by closely watching market conditions.''
In October, OPEC cut oil production by 1.5 million barrels per day to put a
brake on falling prices in the first large-scale output reduction of over 1
million bpd in two years.
Tanaka, a former official in Japan's Economy, Trade and Industry Ministry, also
warned that the Earth's temperature will rise nearly 6 degrees Celsius if
efforts to prevent global warming fail against a backdrop of steady growth in
energy demand.
''There is a need for the United States to clarify its position on combating
global warming under the administration of U.S.-President-elect Barack Obama
and win cooperation from emerging countries like China,'' he said.
==Kyodo
In the World Energy Outlook 2008 released on Wednesday, the Paris-based agency
projected that crude oil import prices are likely to top $200 per barrel by
2030 on the back of booming demand in emerging economies like China and India.
''The IEA forecast is a warning scenario,'' Tanaka said in an interview with
Kyodo News.
Crude oil futures in New York surged to an all-time high at $147 per barrel in
July and have since dropped to around the $60-level due to the global economic
downturn.
But Tanaka said the price surge in recent years was caused by neglected global
efforts to explore new oil fields during the 1990s from fears that a boost in
supplies would send oil prices lower.
''If we postpone the development of oil fields, there is a risk of inviting
another supply crunch,'' Tanaka said.
The former Japanese director at the Organization for Economic Cooperation and
Development also called for the construction of more power plants using
energy-efficient technology to meet strong demand in high-growth countries.
In the annual report, the IEA said China and India will account for 51 percent
of the increase in global primary energy demand between 2006 and 2030.
Tanaka said Japan will also need to use more renewable energy like geothermal
heat and wind power for a stable supply of energy.
While crude oil prices have drifted lower recently, Tanaka said the level is
still historically high and indirectly urged the Organization of Petroleum
Exporting Countries not to slash output amid growing speculation that the
13-member cartel will again reduce oil production to lift prices.
''I am worried about supply when the global economy recovers,'' Tanaka said.
''I hope OPEC will respond by closely watching market conditions.''
In October, OPEC cut oil production by 1.5 million barrels per day to put a
brake on falling prices in the first large-scale output reduction of over 1
million bpd in two years.
Tanaka, a former official in Japan's Economy, Trade and Industry Ministry, also
warned that the Earth's temperature will rise nearly 6 degrees Celsius if
efforts to prevent global warming fail against a backdrop of steady growth in
energy demand.
''There is a need for the United States to clarify its position on combating
global warming under the administration of U.S.-President-elect Barack Obama
and win cooperation from emerging countries like China,'' he said.
==Kyodo
