Energy Agency predicts high prices in future.

AuthorBlock, Ben
PositionEYE ON EARTH - Brief article

The world can expect energy prices to continue their generally upward spiral in the years ahead if global energy policies remain the same, the International Energy Agency (IEA) reported in November.

Rapid economic development in China and India, coupled with relatively consistent energy use in industrialized nations, will likely strain the world's ability to meet a projected rise in energy demand of some 1.6 percent a year until 2030, the agency predicted in its annual World Energy Outlook report.

The IEA significantly increased its projections of future oil costs due to the changing outlook for demand and production costs. It now expects crude oil to average US$100 per barrel over the next two decades and more than $200 per barrel in 2030, in nominal terms. The previous forecast estimated that a 2030 barrel would amount to only $108.

"One thing is certain," said Nobuo...

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