Search

Search form

Logo of Phnom Penh Post newspaper Phnom Penh Post - Energy briefs: IEA chief warns of global oil shortfalls

Energy briefs: IEA chief warns of global oil shortfalls

Energy briefs: IEA chief warns of global oil shortfalls

Global oil supplies could fall far short of need and expectations in the next 20 years, the International Energy Agency is concluding based on a vast effort of detective work on production prospects. In an interview with the Wall Street Journal published May 22, IEA chief economist Fatih Birol argued that investment is lagging behind expected growth of demand. Consuming countries had to take "emergency action" to increase energy efficiency and develop alternative energies, he said. For several years the IEA had calculated that supplies would increase to exceed 116 million barrels per day by 2030, from about 87 million barrels per day now. But it now estimates that "companies could struggle to break beyond 100 million barrels per day over the next two decades." This, Birol said, "is a dangerous situation." 

RECOMMENDED STORIES

  • Breaking: PM says prominent human rights NGO ‘must close’

    Prime Minister Hun Sen has instructed the Interior Ministry to investigate the Cambodian Center for Human Rights (CCHR) and potentially close it “because they follow foreigners”, appearing to link the rights group to the opposition Cambodia National Rescue Party's purported “revolution”. The CNRP - the

  • Rainsy and Sokha ‘would already be dead’: PM

    Prime Minister Hun Sen on Sunday appeared to suggest he would have assassinated opposition leaders Sam Rainsy and Kem Sokha had he known they were promising to “organise a new government” in the aftermath of the disputed 2013 national elections. In a clip from his speech

  • Massive ceremony at Angkor Wat will show ‘Cambodia not in anarchy’: PM

    Government officials, thousands of monks and Prime Minister Hun Sen himself will hold a massive prayer ceremony at Angkor Wat in early December to highlight the Kingdom’s continuing “peace, independence and political stability”, a spectacle observers said was designed to disguise the deterioration of

  • PM tells workers CNRP is to blame for any sanctions

    In a speech to workers yesterday, Prime Minister Hun Sen pinned the blame for any damage inflicted on Cambodia’s garment industry by potential economic sanctions squarely on the opposition party. “You must remember clearly that if the purchase orders are reduced, it is all