ID :
30344
Sat, 11/15/2008 - 14:07
Auther :
Shortlink :
https://oananews.org//node/30344
The shortlink copeid
IEA wants cooperation with non-OECD countries to avert energy crunch+
TOKYO, Nov. 14 Kyodo - The International Energy Agency needs to cultivate more cooperation with nonmembers of the Organization for Economic Cooperation and Development in boosting energy investments to avert the current financial turmoil from turning into a supply crunch, its top official said Friday.
''More than half of our current energy consumption is attributed to non-OECD
countries,'' IEA Executive Director Nobuo Tanaka said in a press conference at
the Japan National Press Club.
''In order to implement energy security and energy-saving measures or to create
new measures, the IEA cannot do anything without the cooperation of these
countries,'' he said.
In the World Energy Outlook report for 2008 released Wednesday, the Paris-based
agency said China and India will account for 51 percent of the increase in
demand for global primary energy, including crude oil and coal, between 2006
and 2030.
In terms of a global rise in oil demand, 43 percent comes from China, 20
percent from the Middle East, and 19 percent from India, all of which are
outside the 30-member OECD, the report said.
Tanaka urged closer cooperation with the non-OECD members to develop new
energy-efficient technology and the sharing of transparent information through
more dialogue.
''By promoting cooperation in various areas, there will be the question of
whether they will join (the OECD) as new members,'' Tanaka said. ''While more
time is needed to reach that point, it is extremely important to carry out
dialogue in various ways.''
The need to promote closer ties with energy-guzzling, high-growth economies
like China and India seems more pertinent as the IEA is warning of an energy
supply crunch if the current financial turmoil and a global economic downturn
cause delays in the development of new oil fields.
''There is concern that delays in oil development projects will emerge from the
current economic downturn triggered by problems in the financial markets,''
Tanaka said.
''When the economy recovers in the next few years, there is a possibility that
the same market volatility and surge in (oil) prices will occur,'' he warned.
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.
In the same press conference, Fatih Birol, the IEA's chief economist, also
cautioned, ''The credit crisis...can be an important pitfall to bring us a
supply crunch in the years to come.''
''Demand for oil...will pick up in a couple years' time and we may pay a high
cost for those late investments,'' Birol said.
Tanaka added active investments into energy infrastructure and renewable energy
are ''extremely important for the recovery of the global economy'' and called
on the next administration of U.S. President-elect Barack Obama to steer the
nation toward a low-carbon society.
''More than half of our current energy consumption is attributed to non-OECD
countries,'' IEA Executive Director Nobuo Tanaka said in a press conference at
the Japan National Press Club.
''In order to implement energy security and energy-saving measures or to create
new measures, the IEA cannot do anything without the cooperation of these
countries,'' he said.
In the World Energy Outlook report for 2008 released Wednesday, the Paris-based
agency said China and India will account for 51 percent of the increase in
demand for global primary energy, including crude oil and coal, between 2006
and 2030.
In terms of a global rise in oil demand, 43 percent comes from China, 20
percent from the Middle East, and 19 percent from India, all of which are
outside the 30-member OECD, the report said.
Tanaka urged closer cooperation with the non-OECD members to develop new
energy-efficient technology and the sharing of transparent information through
more dialogue.
''By promoting cooperation in various areas, there will be the question of
whether they will join (the OECD) as new members,'' Tanaka said. ''While more
time is needed to reach that point, it is extremely important to carry out
dialogue in various ways.''
The need to promote closer ties with energy-guzzling, high-growth economies
like China and India seems more pertinent as the IEA is warning of an energy
supply crunch if the current financial turmoil and a global economic downturn
cause delays in the development of new oil fields.
''There is concern that delays in oil development projects will emerge from the
current economic downturn triggered by problems in the financial markets,''
Tanaka said.
''When the economy recovers in the next few years, there is a possibility that
the same market volatility and surge in (oil) prices will occur,'' he warned.
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.
In the same press conference, Fatih Birol, the IEA's chief economist, also
cautioned, ''The credit crisis...can be an important pitfall to bring us a
supply crunch in the years to come.''
''Demand for oil...will pick up in a couple years' time and we may pay a high
cost for those late investments,'' Birol said.
Tanaka added active investments into energy infrastructure and renewable energy
are ''extremely important for the recovery of the global economy'' and called
on the next administration of U.S. President-elect Barack Obama to steer the
nation toward a low-carbon society.
